US GDP contracted by a record-shattering 32.9% pace last quarter

submitted by Nemacolin from abcnews.go.com

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[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

But on the plus side, the Republicans managed to torpedo your $600.

The U.S. economy, as measured by real GDP, contracted at a record-shattering 32.9% last quarter, according to government data released Thursday.

The figure reflects how the coronavirus pandemic has clobbered the U.S. economy with unprecedented speed and furor as it shut down large swaths of businesses over the past few months.

For comparison, the previous worst quarterly GDP plunge was a fall of 10% in 1958.

Separately, the Labor Department also said Thursday that another 1.4 million workers filed jobless claims last week, another indicator of the ongoing anguish that the pandemic has caused to the economy as a whole.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

If only we had actually shut down and wore masks we could have been like new Zealand enjoying the summer

[–]Nemacolin[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Well, that would have taken leadership and a willingness to listen to science, and an ability to sacrifice for the common good.

[–]america_first_1776 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Or we could have been like Sweden and not changed our entire lifestyle over a virus with a next to nothing kill rate.

[–]Nemacolin[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Sweden has a death rate about 50% higher than the US last time I looked. How many Americans are you willing to die to keep Carnival Cruises going?

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

1% of 300 million is low if you're not thinking too hard, but that's still millions. You also have to consider other effects besides actual death, there will be many many more survivors with chronic impairments and permanent lung/nerve damage as well who survive.