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Author Topic: lockdowns kill 1/3 of GDP  (Read 22 times)
jdv
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A broken hero of the Hollywood scene....


« on: July 30, 2020, 10:58:49 AM »

Well, either we re-open up right fucking now, or get ready to reserve your place in the bread line....

"The U.S. Economy Suffers Sharpest Downturn on Record

The U.S. economy shrank in the second quarter by the fastest rate since the government began keeping track of gross domestic product after World War II, as lockdowns aimed at curbing the coronavirus pandemic decimated economic activity and anti-police riots tore through many American cities.

Gross domestic product, or the value of all goods and services produced by the economy, contracted at a 32.9 percent seasonally adjusted annualized rate in the April through June three month period, according to the preliminary estimate from the Bureau of Economic Analysis published on Thursday. That marked the steepest drop on records stretching back to 1947 and compared with economistsí forecasts for a 35 percent decline in output."
--------------------------------

Given the above, it's getting very hard to believe that continuing the lockdowns are not happening for political reasons. 

Regardless of motive, it's clear that the people who most depend on government assistance will be hurt the worst, and the most quickly. 

Cities like Detroit, which now rely heavily on tourist tax dollars from everything to casinos to bars to sports, have seen their tax revenue slashed.  Even if the lownlocks were completely lifted right now, the negative economic consequences would reverberate for years.

But of course, they're not being lifted, are they?

https://www.breitbart.com/economy/2020/07/30/gdp-crashes-32-9/
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Warpig
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« Reply #1 on: July 30, 2020, 11:30:51 AM »

Yeah, the suck is about to hit the fan.
« Last Edit: July 30, 2020, 01:32:52 PM by Warpig » Logged

And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:

And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.  _ Revelations 13
jdv
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« Reply #2 on: July 30, 2020, 12:26:45 PM »

Don't worry though, Fauci now floating the idea of mandatory wearing of googles and face shields for everyone going out in public.

So you'll be super-safe even as you beg the government for a slice of bread in 3 months. 

The insane are truly running the asylum.

Kroger's next week
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jdv
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« Reply #3 on: July 30, 2020, 12:43:40 PM »

Another long-term devastating effect - social security predicted to starting running out of money in 15 years, with a predicted 25% shortcoming.

But that was before the lockdowns.  The partial payments now predicted to begin in less than 9 years now due to massive reductions in taxes on the working.

And that's if the lockdowns were lifted right now.

https://www.foxbusiness.com/money/coronavirus-stimulus-plan-could-include-social-security-fix
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