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| Economy |
| U.S. Economy Shrank At Historic 33% Annual Rate In Second Quarter‐But That's Not The Whole Story |
| 2020-07-31 |
| [Forbes] U.S. gross domestic product—the total value of all the goods and services produced by the economy—fell at an annual rate of nearly 33% in the second quarter, the biggest annualized drop in history, but that statistic doesn’t tell the whole story. Here’s a better way to think about it. KEY FACTS The shocking 33% number assumes that the rate of economic contraction in the United States continues unchanged for the rest of the year—that won’t be the case because the country has partially reopened and is unlikely to repeat the near nationwide coronavirus lock-down of the second quarter. The change in GDP from the first quarter to the second quarter was 9.5%, a much more accurate—and still dire—representation of what has changed in the economy over the last several months. The Commerce Department said the decline was fueled by drops in personal consumption, exports, and spending by state and local governments, among other factors. A bump in federal government spending—thanks to CARES Act rescue provisions—helped to offset some of the damage. The second quarter also saw a soaring personal savings rate (the amount saved as a percentage of disposable income) of 25.7% compared with 9.5% in the first quarter. |
| Posted by:Ebberegum Croling1752 |
| #5 I just tried to post something six times and it was rejected every single time. All six posts sat in the hopper, with the first one published here when a moderator got to it. Raj apologized nicely once he realized. |
| Posted by: trailing wife 2020-07-31 17:55 |
| #4 Personally I feel we should go to SSO openAuth2 and have to register to post... Maybe a post as guest with Spam filter on. |
| Posted by: Bright Pebbles 2020-07-31 04:03 |
| #3 It could be as simple as the word C@sino because Fred has a filter that makes it hard to spam the Burg. |
| Posted by: gorb 2020-07-31 03:17 |
| #2 Raj Use L33t. o to 0 e to 3 i to 1 etc |
| Posted by: Bright Pebbles 2020-07-31 02:20 |
| #1 My fucking god - I just tried to post something six times and it was rejected every single time. I took massive pains to sanitize it (it wasn't even bad in original form) and all was for naught. I wish Fred or someone else would post a list of 'unapproved' words so I could skate around this bullshit and post something entertaining / semi-informative again. Until I get that list I'm gone - I've fucking had it. |
| Posted by: Raj 2020-07-31 01:13 |