US 1st quarter GDP crashes
Are you enraged yet? Due to the government-imposed shutdowns due to the Wuhan panic, the gross domestic product (GDP) shrank 4.8% in the first quarter of 2020, the most since 2008.
Consumer expenditures, which comprise 67% of total GDP, plunged 7.6% in the quarter as all nonessential stores were closed and the cornerstone of the U.S. economy was taken almost completely out of commission. Durable goods spending tumbled 16.1% while expenditures on services were down 10.2%.
Exports dropped 8.7% while imports fell 15.3%, including a 30% drop in services.
The count of all goods and services produced in the U.S. shows that even though the first quarter saw only two weeks of shutdown, the impact was pronounced and set the stage for a second-quarter picture will be the worst in the post-World War II era.
As the article notes, we ain’t seen nothing yet. And it will only get even worse should our all-wise supreme leaders continue to stretch out this shut down, initially imposed under the big lie that it was merely intended to “flatten the curve” during the epidemic’s onset so that the healthcare system would not be overwhelmed.
It was not overwhelmed. In fact, it never would have been overwhelmed. As I said, it was a big lie.
Now the big lie is that these fascist government lock downs must be maintained in order to prevent the spread of the disease, a goal that is infinitely impossible but if accepted by the public will allow these petty dictators to keep their jackboots on our necks for the rest of time.
Are you enraged yet? Due to the government-imposed shutdowns due to the Wuhan panic, the gross domestic product (GDP) shrank 4.8% in the first quarter of 2020, the most since 2008.
Consumer expenditures, which comprise 67% of total GDP, plunged 7.6% in the quarter as all nonessential stores were closed and the cornerstone of the U.S. economy was taken almost completely out of commission. Durable goods spending tumbled 16.1% while expenditures on services were down 10.2%.
Exports dropped 8.7% while imports fell 15.3%, including a 30% drop in services.
The count of all goods and services produced in the U.S. shows that even though the first quarter saw only two weeks of shutdown, the impact was pronounced and set the stage for a second-quarter picture will be the worst in the post-World War II era.
As the article notes, we ain’t seen nothing yet. And it will only get even worse should our all-wise supreme leaders continue to stretch out this shut down, initially imposed under the big lie that it was merely intended to “flatten the curve” during the epidemic’s onset so that the healthcare system would not be overwhelmed.
It was not overwhelmed. In fact, it never would have been overwhelmed. As I said, it was a big lie.
Now the big lie is that these fascist government lock downs must be maintained in order to prevent the spread of the disease, a goal that is infinitely impossible but if accepted by the public will allow these petty dictators to keep their jackboots on our necks for the rest of time.