US Economy Shrank at Record-Breaking 33% Rate Last Quarter

[tulc]

US Economy Shrank at Record-Breaking 33% Rate Last Quarter

The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

tulc(thought this was interesting)

 

[Yekcidmij]

US Economy Shrank at Record-Breaking 33% Rate Last Quarter

tulc(thought this was interesting)

From the previous quarter. Percent changes in GDP numbers are typically quoted in a yr/yr basis to account for things like seasonality and other noise. Year over year is still bad, and also still the worst on record, but its -9.5%. The larger number makes a better headline though.

Real Gross Domestic Product

 

[Lord Vega]

US Economy Shrank at Record-Breaking 33% Rate Last Quarter

tulc(thought this was interesting)

I'm confident that Trump will make the economy better once he is re-elected.

 

[tulc]

I'm confident that Trump will make the economy better once he is re-elected.

Pretty sure it will improve once he isn't.
tulc(when the Democrats take over the White House...and the Senate and the House and work to clean up the mess the Republicans always seem to leave behind their administrations)

 

[Lord Vega]

Pretty sure it will improve once he isn't.
tulc(when the Democrats take over the White House...and the Senate and the House and work to clean up the mess the Republicans always seem to leave behind their administrations)

Trump's motto is "Make America Great Again!" Since all his astute policies stem from this view, how could anything go wrong? With Trump at the helm of our nation, we have no where to go but forward.

 

[tulc]

Trump's motto is "Make America Great Again!" Since all his astute policies stem from this view, how could anything go wrong?
With Trump at the helm of our nation, we have no where to go but forward.

Sorry, calling a Poe!
tulc(thread resumes already in progress)

 

[disciple Clint]

Pretty sure it will improve once he isn't.
tulc(when the Democrats take over the White House...and the Senate and the House and work to clean up the mess the Republicans always seem to leave behind their administrations)

Glad that we will not have to find out, I am confident that Trump will return us to a record breaking economy in his second term.

 

[tulc]

Glad that we will not have to find out, I am confident that Trump will return us to a record breaking economy in his second term.

Or he wont be re-elected, and we'll have an actual good economy under the Democrats.
tulc(and as a bonus America's allies can start trusting America again)

 

[Yekcidmij]

Or he wont be re-elected,

One of the old ideas is that a President won't be reelected in a bad economy, but that may not be as solid an indicator as people think. G.W Bush, Regan, Nixon, and Eisenhower all had recessions during their first term and still were able to win. Granted, all of those occurred early in their first term, so they may have had time on their side and been able to pass blame easier.

In any case, the person in the executive has little control over the economy, and certainly not to the degree people imagine. Not that they don't have an effect, but just that it's probably mostly negligible.

 

[grasping the after wind]

US Economy Shrank at Record-Breaking 33% Rate Last Quarter

tulc(thought this was interesting)

It was mostly government that shutdown businesses. The article is incorrect saying "when the viral outbreak shut down businesses". This virus does not have the ability to force businesses to shut down. Some businesses shut down voluntarily because they were unable or unwilling to take necessary preclusions and were faced with the consequences of that. For the most part this is a government mandated shut down not a virus mandated shut down.

 

[grasping the after wind]

Pretty sure it will improve once he isn't.
tulc(when the Democrats take over the White House...and the Senate and the House and work to clean up the mess the Republicans always seem to leave behind their administrations)

One of the old ideas is that a President won't be reelected in a bad economy, but that may not be as solid an indicator as people think. G.W Bush, Regan, Nixon, and Eisenhower all had recessions during their first term and still were able to win. Granted, all of those occurred early in their first term, so they may have had time on their side and been able to pass blame easier.

In any case, the person in the executive has little control over the economy, and certainly not to the degree people imagine. Not that they don't have an effect, but just that it's probably mostly negligible.

Roosevelt was elected twice after overseeing terrible economies and Obama once after making sure the economy would not recover in any meaningful way through policies aimed at achieving economic stagnation.

 

[Yekcidmij]

and Obama once after making sure the economy would not recover in any meaningful way through policies aimed at achieving economic stagnation.

There was no recession while Obama was President, just to note.

 

[grasping the after wind]

There was no recession while Obama was President, just to note.

There was indeed a recession during the Obama administration. Followed by an extremely anemic recovery that could only be described as stagnation.

Obama administration begins January 2009

Great Recession in the United States - Wikipedia
Great Recession in the United States - Wikipedia

The Great Recession in the United States was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output.

 

[Yekcidmij]

There was indeed a recession during the Obama administration. Followed by an extremely anemic recovery that could only be described as stagnation.

Obama administration begins January 2009

Great Recession in the United States - Wikipedia
Great Recession in the United States - Wikipedia

The Great Recession in the United States was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output.

So, it started in 2007. I don't know too many people that would blame a guy for something that happened before he was in office.

 

[tulc]

As I understand it: Democrats get the blame for recessions that start under Republicans and Republicans take the credit for years of economic growth that started under Democrats.
tulc(thinks that's how it works)

 

[disciple Clint]

Or he wont be re-elected, and we'll have an actual good economy under the Democrats.
tulc(and as a bonus America's allies can start trusting America again)

We do not want a GOOD economy, we want a GREAT economy and Trump has the proven experience to provide it.

 

[disciple Clint]

As I understand it: Democrats get the blame for recessions that start under Republicans and Republicans take the credit for years of economic growth that started under Democrats.
tulc(thinks that's how it works)

I know what you are trying to do but just look at the stock market record highs and the unemployment record lows prior to the Covid. We were experiencing the best economy that I have ever seen. This was a result of the tax and regulation changes that Trump provided.

 

[tulc]

I know what you are trying to do but just look at the stock market record highs and the unemployment record lows prior to the Covid. We were experiencing the best economy that I have ever seen. This was a result of the tax and regulation changes that Trump provided.

...all of which started many years before President Trump got in office.
tulc(the only thing "accomplished" under President Trump was adding a lot of money to his bottom line...OH! and 156,752 deaths from covid19)

 

[disciple Clint]

...all of which started many years before President Trump got in office.
tulc(the only thing "accomplished" under President Trump was adding a lot of money to his bottom line...OH! and 156,752 deaths from covid19)

Wrong again

 

[Yekcidmij]

We do not want a GOOD economy, we want a GREAT economy and Trump has the proven experience to provide it.

Presidents don't "provide" an economy.