Perspectives: Record Quarterly Drop in GDP Drives Economic Speculation, Stimulus Talks
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From the Center
GDP Plunged 32.9%: Here's Why It MattersThe Commerce Department's initial estimate of U.S. gross domestic product (GDP) in the second quarter was, in a word, historic. The value of all goods and services purchased last quarter plunged at a 32.9% annual rate. This followed a 5% contraction in the first quarter of 2020.
The BEA offered the following assessment of this decline in GDP:
“The decline in second quarter GDP reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June,...
From the Right
The worst of the coronavirus recession is past. Now what?When the Department of Commerce announced on Thursday that the advanced estimate for second-quarter GDP growth came in with a bone-chilling 32.9% decline on an annualized basis, Congress was debating the details of another multitrillion-dollar relief package for America’s beleaguered, coronavirus-fatigued population. An extended federal supplement for the more than 20 million unemployed people, along with perhaps another round of cash payments for families, will almost surely be finalized before Congress goes on recess.
But while our legislators deliberate and the coronavirus surges, GDP growth (which until the pandemic was...
From the Left
We won’t ignore the horrible economic numbersMinutes after horrible economic numbers — a 32.9 percent annualized contraction in gross domestic product and 1.43 million new jobless claims — were released, President Trump tweeted out a statement suggesting we should delay the election. Clearly, he wants us to ignore the 32.9 percent annualized contraction in gross national product and 1.43 million new jobless claims. But we won’t ignore the 32.9 percent annualized contraction in gross domestic product and 1.43 million new jobless claims.
Do not get me wrong. Trump’s suggestion is anti-democratic and emblematic of his inability...
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