GDP shrank at annual rate of 32.9% and 10% for the second quarter. The worst contraction in US history. Permanent job loss increases. 27 million Americans have lost their health insurance since March. 30 million are going hungry. The only thing preventing total collapse is government spending.
This guy / girl poster is a damn panic box about to explode. I imagine them waking up in middle of the night screaming in their bed in fear
My son in law and daughter haven't been hurt by covid, as both work everyday. He's in construction and she is an RN. Our restaurants offer curb service and fast food chains use their drive thrust. The few factories we have never shut down.
Or how denying the virus thus causing confusion was bad. Remember before the virus got bad the market crashed due to uncertainty especially coming out of the administration.
FAKING IT Department of Labor reports that 29.1 million workers are either on unemployment benefits, have been approved and are waiting for benefits, or have applied recently and are waiting. Currently the country is at 12.9 million jobs down before the virus hit, and the unemployment rate is higher than the Great Recession of 2009. About 800,000 jobs were eliminated in March 2009, during the height of the Great Recession; about 8.6 million jobs were lost in total during that entire recession: The U.S. economy is still in crisis as jobless claims surge — and GOP myths about unemployment fall apart
Just remember that is due to the Coronavirus and there's nothing more to do besides wait for a cure. I saw a headline a few days ago that in European countries where they had beaten the virus and reopened have seen a return of the virus.
Traffic around here is back to almost the same level it was before February. Seems that things are getting back on track.
The Feds have dumped $29 trillion dollars on the Wall Street Socialists after the 2008 market crash. In this crash the Feds have bought most of Wall Street'S bad investments which this time around is about $6 Trillion dollars. But you know what? $35 TRILLION DOLLARS STILL ISN'T ENOUGH FOR THE WALL STREET SOCIALISTS--THEY WANT MORE!!!!
There is nothing but macro economics that matters right now...love the reference of Wall street socialists from @Kyklos here. Yes the Socialist Fed is crashing the US$ plane into the side of the mountain (been reading the same fictional book as Biden with his darkness) and they are taking the whole world with them. Choose your parachute now... gold, silver, bitcoin and move swiftly to the exit please...
Government spent a lot of money already, what is a point of spending more? Money can be spend only in exchange of some kind of product that has market value. Otherwise more money will chase less goods that in turn make money worth less.
Some of our factories shut down for 2-3 weeks when they had the very first case and are now back up and running even when they have multiple employees out with active infections. There does seem to have been a lot of "We must take RADICAL action now!" thinking early on as opposed to, "Hey, let's work this problem like we would any other challenging issue that comes up." That applies to governments as well. They would have been better off just to have done deeper quarantines in the areas that were most infected and have left the other parts of their states alone.
But money hoarding by US Corporations has the same economic effect leading to the 1929-1933 crashes. You did not say what kind of inflation however: Demand-pull inflation, Cost-push inflation, Speculative inflation, or exchange-rate inflation? One kind of inflation rise or drop can compensate for the other types of inflation. The Wall Street Socialists were not worried about inflation when that took $29 trillion dollars in subsides and tax breaks after 2008, and another $6 trillion during this crash and still counting.
