The liberal media is just loving that the economy is in dire shape thanks to the overblown reaction to the coronavirus. Prior to the pandemic, the economy was unstoppable, unemployment across the board had reached record lows, job creation was through the roof, and the markets were reacting positively to Trump’s agenda. So, of course, you know the liberal media was hoping something would wreck it. Comedian Bill Maher openly wished for this. Forget the economic pain that will be inflicted on millions of Americans, which leads to increased anxiety, depression, and suicide rates. They don’t care because they’re bad people—all of them. So, let’s kick off why the latest economic report is straight trash. Apparently, the economy shrank at an annualized rate of over 30 percent…in the second quarter (via AP):
BREAKING: U.S. economy shrank at a record-breaking 33% rate last quarter as virus shuttered businesses and triggered layoffs. https://t.co/M12Q6Wz0lD
— The Associated Press (@AP) July 30, 2020
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.
The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.
Last quarter’s drop followed a 5% fall in the January-March quarter, during which the economy officially entered a recession triggered by the virus, ending an 11-year economic expansion, the longest on record in the United States.
No it didn't. GDP fell by 9.5%. If GDP continued to fall at that rate for a full year, it would be 32.9% (that's what "annualized" means, NBC), but that is not what happened in the 2nd quarter. https://t.co/bLpv0QqW6X
— Logan Dobson (@LoganDobson) July 30, 2020
it is distressing that much of the media can't get a very simple statistical concept correct.
— Logan Dobson (@LoganDobson) July 30, 2020
This isn't true. NBC doesn't care about the spread of misinformation, just as long as they are ones doing it. https://t.co/mAhmpCfeaN
— Stephen L. Miller (@redsteeze) July 30, 2020
Yeah, it’s not true. It’s really 9.5 percent. It’s still not good, but not 32.9 percent, hence the operative word here: annual. As veteran GOP data cruncher and pollster Logan Dobson noted, “if GDP continued to fall at that rate for a full year, it would be 32.9% (that's what "annualized" means, NBC), but that is not what happened in the 2nd quarter.” This is just the facts. It’s misinformation. It’s meant to tank the markets. It’s meant to give the Biden camp and the Democrats more ammunition because you know this is being drafted into fundraising emails as we speak.
This is classic fake news.