Yeah, this is bad, but it also should not be surprising.
Courtesy of WaPo:
The U.S. economy shrank 9.5 percent from April through June, the largest quarterly decline since the government began publishing data 70 years ago, and the latest, sobering reflection of the pandemic’s economic devastation.
The second quarter report on gross domestic product covers some of the economy’s worst weeks in living memory, when commercial activity ground to a halt, millions of Americans lost their jobs and the nation went into lockdown. Yet economists say the data should also serve as a cautionary tale for what’s at stake if the recovery slips away, especially as rising coronavirus cases in some states have forced businesses to close once again.
On Thursday, the government also reported that jobless claims increased once again last week to 1.4 million, another sign any recovery is stalling out.
GDP shrank at an annual rate of 32.9 percent, according to the Bureau of Economic Analysis, the agency that publishes the statistics on quarterly economic activity. While it usually stresses the annualized rate, that figure is less useful this quarter because the economy is unlikely to experience another collapse like it did in the second quarter.
Still, while a tailspin at the second quarter rate is unlikely, the nascent recovery that began appearing earlier this summer appears to be in jeopardy.
While I think all of us want the economy to recover that simply cannot fully happen while we are dealing with what has now been labeled the “Trump virus.”
And speaking of Trump the only thing he had to run on was the great Obama-Biden economy that he inherited.
Without that he has nothing to brag about and not a single stolen success on which to anchor his reelection campaign.
No wonder he wants to delay the election.