The Miracle of the Trump Economy: We’re Eff’ed In the Dark Again

Winning!

They say for every light on Broadway there is a broken heart, an unrealized dream…

Well, we’re totally eff’ed in the dark, again (Axios, emboldening and enigmatic bullets are theirs):

The U.S. economy shrank at an annualized 32.9% rate in the second quarter — the worst-ever contraction on records that date back to 1947, the government said on Thursday…

The big picture: The GDP report puts a number on the unprecedented damage we saw playing out in real-time from April to June: millions of jobs lost, tens of thousands of shuttered businesses and a record halt in activity.

  • “As horrific as the GDP number is, it’s basically reporting something that we all already knew — that economic activity came to a screeching halt as the virus altered the contours of our lives. Millions lost their jobs, and the real issue is how our economy recovers,” economist Justin Wolfers tweeted.
  • More recent data shows a renewed economic slowdown alongside worsening outbreaks across the country.

Worth noting: U.S. government data always “annualizes” the quarterly GDP figures — meaning the number assumes the pace the economy grew or shrunk last quarter will continue over the year.

  • Because the economy experienced a swift, marked deterioration in the second quarter that’s unlikely to be repeated, economists are also looking at another figure: how much the economy shrank from the first quarter to the second quarter, which came in at -9.5% — still, the worst on record by that measure.

The bottom line: Any way you slice it, it’s an ugly, historic economic contraction.

Axios also has one of the most staggering graphs I’ve ever seen:

In light of all of this, I’m going to be interested in seeing how the Republicans, and specifically amply be-chinned #MoscowMitch try to avoid paying additional unemployment insurance, etc. Should be quite a show.

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11 Responses to The Miracle of the Trump Economy: We’re Eff’ed In the Dark Again

  1. sos says:

    Apparently ignoring a pandemic is not the best way to prevent economic collapse. It goes without saying, and I quote: “Few people know that”.

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  2. Redhand says:

    The failure of Trump’s “leadership” is expected, I guess. He’s out there bleating about how the “radical Dems” hate and want to destroy Murrica, while ignoring the COVID-19 death toll, except to tout the medical prowess of a lady who is more like a Caribbean witch doctor mired in primitive folk renedies and demonic supersutition than an M.D.: as Digby sez, “her latest bumper crop of crazy notions about the coronavirus were irresponsibly re-tweeted by the (I just can’t fucking believe it) the president of the United States and his idiot son.”

    What’s only marginally more surprising is the grand mal failure of the GOP Senate to deal with the utterly cratering economy. This Republican implosion has been a long time coming.
    E.J. Dionne, Jr, gets it right when he writes:

    It should now be clear to everyone: The Republican Party is incapable of governing.

    Sure, this sounds partisan. In fact, it’s an analytical reflection based on what is happening right before our eyes.

    You would think that with our nation facing its most profound economic crisis since the 1930s, married to a public health disaster and growing unrest over racial injustice, the party that controls the White House and the U.S. Senate would get serious.

    Instead, the Senate’s Republican majority and the Trump White House are in chaos, unable to produce a coherent relief bill to keep the economy from spiraling further downward.

    I’m beginning to think this is going to be a 1932 type blowout. Surely, these rats in the grain should never be entrusted with political power again,

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    • MDavis says:

      There’s should and there’s shall.
      I’ve had a couple of acquaintances lately talking about what a great job Trump (their spelling) has been doing and how the arguments about SARSCoV2 (my spelling) are because some are just using it to see what they can get away with telling people to do, like wear a mask.
      Worth noting (Axios spelling) For at least the last five years there have been people showing up in public places wearing masks. I thought they were maybe vulnerable people hoping to prevent a flu infection. That may be the case, but one told me her doctor insisted she wear a mask in public until she was free of bronchitis, so it was so she would not infect others. What is different now is that everyone is being asked to wear a mask (except where they aren’t)

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  3. Infidel753 says:

    Well, if Trump wants us to stop doing so much testing so the covid-19 cases stop going up, presumably if we stopped collecting economic statistics, the contraction would stop.

    It’s time to stop comparing this mess to the Bush recession. It’s more like the Great Depression. We just have somewhat better tools for dealing with it now.

    Liked by 2 people

    • tengrain says:

      I think you are right, Infidel753. I’ve not been comparing it to Chimpy’s Economy (at least I don’t think I have), but I have not done a compare/contrast with Hoover’s Depression and we might indeed be there.

      Rgds,

      TG

      Liked by 1 person

      • MDavis says:

        Here’s another parallel:
        1918, pandemic, nasty one. 1930, depression.
        2020, pandemic, badly handled. 202#, possible depression.
        The 1918 pandemic was also badly handled. There was a sort of lock down and then everyone went back to normal way too early. This was followed by a resurgence.
        See: Noah Trevor for a brief comparison.
        I haven’t actually done my own research, but I don’t see this depression being held off until 2032.

        Liked by 1 person

  4. roket says:

    There can be only one way to fix this mess for a republican and that is with tax cuts. That’s all they got. That’s why I find it extremely ironic when a republican opposes defunding the police when they been doing it with tax cuts for years.

    Liked by 2 people

    • Dennis Cole says:

      roket – Aaahhhhh, but! They MORE than made up for it with the Great American “War-toy Giveaway,” when they allowed the military to unload surplus crap no longer needed in Service, er, donate, free-of-charge, top-of-the-line equipment desperately needed by local LEO units literally under siege by rioting and looting citizens.

      All the cops had to pay for was minor shipping & handling fees, to give it at least the appearance of legitimacy.

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  5. donnah says:

    McConnell actually accused the Democrats of stalling the effort to extend the relief measures. But we all have eyes and ears and we can see the truth and hear his lies. Republicans have blustered about the amount of money that people are collecting in unemployment and suddenly they are worried about the deficit (don’t even get me started) and they want to reduce the amount to a some paltry pittance will help no one.

    Republicans own this. This is completely on them and they need to stop fucking around and give money to those who need it. They’re going to hell in November.

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    • MDavis says:

      Good luck convincing Fox viewers of this.
      Heard two weeks before the first stimulus checks were cut:
      “Hey, what happened to those stimulus checks?”
      “Oh, the Democrats are trying to stop them.”
      It’ll be that all over again.

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  6. spotthedog says:

    Looks like Thelma & Louise’s final drive displayed on GPS elevation view.

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