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Gross domestic product — the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter as restaurants and retailers closed their doors in a desperate effort to slow the spread of the virus, which has killed more than 150,000 people in the U.S.
The economic shock in April, May and June was more than three times as sharp as the previous record — 10% in 1958 — and nearly four times the worst quarter during the Great Recession.
Be serious. You sound ridiculous. Trump and Congress have done, for the most part, everything they could and should have. If anything the leadership at the state levels has been done a worse job, but I will not beat up on any of them too bad. None of us have been through this before. We are all learning as we go.
The economy "under Trump" was absolutely humming before covid. That is a fact. If you want to place blame, why don't you start with the Chinese government.
The USA has the dubious honor of having the MOST deaths of any country on the planet ? And as of today, the national numbers of newly diagnosed cases is headed for the ceiling.
Errr....we also have one of the biggest populations, so you have to look at per capita deaths.
By that standard we are not doing well, but we do not have the highest percentage of deaths on the planet. That's sheer hyperbolic bunk.
I have to agree with that. They didn't do enough to get rid of this clown so here we are. But besides that, I see Dems and Reps in Congress the same way. They're all out for their self interests. They all have theirs and really couldn't care less about the state of the economy for the average person.
It dropped 9.5% in the second quarter. If it dropped at that rate for a full year it would be 32.9% hence "annual rate".
Uhhhhh.....
Quote:
Originally Posted by HeyJude514
...shrank at an annual rate of 32.9% in the second quarter...
Are many people too ignorant to realize the implications of the phrase "annual/annualized rate"? Probably. That doesn't make the OP incorrect, however.
So, we shut damn near the entire country down and what do you expect to happen?
It's another "my life is miserable let's blame everything on Trump" thread. They are actually getting quite entertaining. The guy isn't perfect by any means, but things the haters continually spew is hilarious.
It's another "my life is miserable let's blame everything on Trump" thread. They are actually getting quite entertaining. The guy isn't perfect by any means, but things the haters continually spew is hilarious.
So somebody posts that the economy drops 32.9% and that's a Trump hating statement? I wouldn't think stating facts would be considered hate spewing, TBH. It either did or didn't drop 32.9%. What's that got to do with hate?
It dropped 9.5% in the second quarter. If it dropped at that rate for a full year it would be 32.9% hence "annual rate".
Wrong. The BEA themselves - who are the entity that calculates and publishes GDP in the first place - say it is -32.9%. It is an annualized figure. That is how the BEA has always calculated GDP, and how they always will. https://www.bea.gov/news/2020/gross-...-annual-update
Wrong. The BEA themselves - who are the entity that calculates and publishes GDP in the first place - say it is -32.9%. It is an annualized figure. That is how the BEA has always calculated GDP, and how they always will. https://www.bea.gov/news/2020/gross-...-annual-update
The 32% is annualized. The first line in your link shows it.
Quote:
Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020
But the characterization in the post you quoted is correct, annual rate means if it drops as much as it did the 2nd quarter (9.5) over the entire year, then the yearly drop would be 32.
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