Trump Tries His Hand at Gambling…Again
As Americans lose unemployment benefits and evictions loom, the White House makes a risky bet
Unless you were sleeping under a rock last week, you probably heard that the country’s Gross Domestic Product (GDP), the chief measure of the country’s economic health, fell off a proverbial cliff during the second quarter of this year. According to the Bureau of Economic Analysis (BEA), during this period, the U.S. economy contracted an eye-popping annualized rate of 32.9%, providing a terrifying snapshot of the economic pain wrought by the pandemic.
This GDP report is by far the worst EVER. Worse than the Great Financial Crisis (GFC). The numbers in the BEA report are also worse than anything seen during the Great Depression. To put last week’s economic carnage into perspective, during the GFC, fourth-quarter GDP fell “only” 8.4%. According to CNBC, last week’s GDP represents the worst economic slump in the previous two hundred years. Yikes.