By Duncan Smith
Shutdown Democrats are getting exactly what they sought: A tanking of the U.S. economy.
Through the political exploration of the coronavirus, perpetual shutdowns of the economy have led to a historic decline in 2nd quarter GDP, as Breitbart News reports:
The U.S. economy shrank in the second quarter by the fastest rate since the government began keeping track of gross domestic product after World War II, as lockdowns aimed at curbing the coronavirus pandemic decimated economic activity and anti-police riots tore through many American cities.
Gross domestic product, or the value of all goods and services produced by the economy, contracted at a 32.9 percent seasonally adjusted annualized rate in the April through June three month period, according to the preliminary estimate from the Bureau of Economic Analysis published on Thursday. That marked the steepest drop on records stretching back to 1947 and compared with economists' forecasts for a 35 percent decline in output.
The BEA reports the change in GDP on an annualized basis, which can exaggerate the impact of temporary and sudden shifts in the economy. Compared with both a year ago and with the first quarter of the year, GDP was down 9.5 percent.
The previous record decline on the standard, annualized basis was a 10 percent drop in the first quarter of 1958. The U.S. economy shrank at a 5 percent rate in the first three months of 2020.
This comes as mostly Democrat governors reimpose business restrictions and shutdowns, even though coronavirus cases are not resulting in additional deaths and hospitalizations. As such, new claims for unemployment benefits rose this week, too.
If you still think that Democrats won’t go to any lengths to ‘get Trump,’ including destroying livelihoods and tanking the economy, think again.
Almost makes one believe Democrats worked hand-in-hand with China to exploit the virus in order to bring down the only president in modern history who has stood up to both of them.
President Trump is Breaking Down the Neck of the Federal Reserve!
He wants zero rates and QE4!
You must prepare for the financial reset