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Economy NOT Getting Any Better: Media Blame Trump For Everything - Pandemic, Riots

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  • Reynolds
    Moderator
    • Oct 2018
    • 3405

    Economy NOT Getting Any Better: Media Blame Trump For Everything - Pandemic, Riots


    America's economy shrank by a record-breaking 33% in last three months in biggest slump EVER .. ANOTHER 1.4 million applied for unemployment in last week


    30 July 2020
    Devastating economic figures are released by Commerce Department showing economy contracted by a third in April, May and June - shattering 1958 record of 10% contraction
    • Donald Trump did not react to record-setting economic calamity - but instead tweeted that the election should be delayed
    • Business investment and residential housing also suffered sharp declines last quarter, with investment spending sinking 27% and residential housing plunging 38.7%.
    • Second set of figures showed new unemployment claims of 1.4 million in last week - second week in a row they have gone up
    • 17 million are now collecting unemployment checks - but $600-a-week boost runs out on Friday with Republicans and White House still to plan replacement
    • Economic carnage was caused by collapse in consumer demand because of lockdowns
    • Business investment and residential housing also suffered sharp declines 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 - as coronavirus shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department's estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The figures are potentially devastating to Donald Trump's re-election - and came from the three months which included his re-opening push and claiming the U.S. was entering a 'transition to greatness.'




    The Labor Department's report Thursday marked the 19th straight week that more than 1 million people have applied for unemployment benefits. Before the coronavirus hit hard in March, the number of Americans seeking unemployment checks had never exceeded 700,000 in any one week, even during the Great Recession. All told, 17 million people are collecting traditional jobless benefits, a sign that unemployment checks are keeping many American families afloat financially at a time of big job losses and agonizing economic uncertainty. The pain could soon intensify: a supplemental $600 in weekly federal unemployment benefits is expiring, and Congress is squabbling about extending the aid, which would probably be done at a reduced level.




    Spending by consumers collapsed at a 34% annual rate as travel all but froze and shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close. That followed a 6.9% pace of decline in the January-March period. Major retailers including JC Penney and Neiman Marcus have filed for bankruptcy. Business investment and residential housing also suffered sharp declines last quarter, with investment spending sinking 27% and residential housing plunging 38.7%. The job market, the most important pillar of the economy, has been severely damaged. So far, about one-third of the lost jobs have been recovered, but the resurgent virus will likely slow further gains in the job market. Read more ...



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