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Q2 GDP plunges a record 32.9%


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https://www.nbcnews.com/business/economy/economy-reverse-initial-jobless-claims-rise-second-week-gdp-falls-n1235262

 

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Although economic activity did pick back up in May, a spike in coronavirus cases in the sunbelt states has generated a new round of shutdowns, throwing many more Americans out of work.

 

Federal Reserve Chairman Jerome Powell has repeatedly warned of a sluggish economic recovery if millions of workers cannot return to their previous jobs and need to retrain or learn new skills.


“It looks like the data are pointing to a slowing in the pace of the recovery,” he said in a press conference on Wednesday, after the Fed's monetary policy meeting.

 

Already, millions of Americans are struggling to put food on the table. According to the Census Bureau's weekly household survey, released on Wednesday, around 24 million Americans said they had “sometimes not enough to eat,” with 5.4 million saying they had "often" had not enough to eat.

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Furthermore, the additional $600 per week in benefits set aside as part of the CARES Act for out-of-work Americans expires at the end of the month.

 

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"Powell is willing to do more but is limited, and needs Congress to step up to the plate," Swonk said

 

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21 minutes ago, thewhyteboar said:

That's what happens when you mix a worldwide pandemic with one of the worst presidents in our history. 

The only thing keeping him from being as bad as Reagan or GWB is body count and time in office. But he's working on that!

 

Though no one will be able to top Reagan

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Talking about post reconstruction presidents. Buchanan and Johnson (Andrew, not Lyndon Baines) are also terrible, but we can see the reach of their failures. The legacy of Reagan lives on today, and I consider major problems now a bigger issue than historical because we don't know exactly where this crazy train is going (and, you know, I live in this reality)

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5 minutes ago, b_m_b_m_b_m said:

Talking about post reconstruction presidents. Buchanan and Johnson (Andrew, not Lyndon Baines) are also terrible, but we can see the reach of their failures. The legacy of Reagan lives on today, and I consider major problems now a bigger issue than historical because we don't know exactly where this crazy train is going (and, you know, I live in this reality)

 

That makes sense.  Plus, Trump hasn't started a Civil War.

 

...Yet.

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19 minutes ago, Emperor Diocletian II said:

Note: this actually beat expectations that were predicting a 40% or greater decline.

 

From CNBC:  "Economists surveyed by Dow Jones had been looking for a drop of 34.7%"

 

Were there a handful of predictions? I guess it's easy to beat if you're getting a Cat 5 hurricane instead of The Day After Tomorrow. :p 

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Just now, SaysWho? said:

 

From CNBC:  "Economists surveyed by Dow Jones had been looking for a drop of 34.7%"

 

Were there a handful of predictions? I guess it's easy to beat if you're getting a Cat 5 hurricane instead of The Day After Tomorrow. :p 

 

Morgan Stanley and Goldman Sachs were two of those who were predicting -40%.

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1 hour ago, b_m_b_m_b_m said:

Time to open up! Virus is over! Cut unemployment benefits they're helping people too much, keeping them at home when they should be risking the the lives of themselves and their family for a dead-end low wage job!

 

Truth.

 

 

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