U.S. Gross Domestic Product fell significantly by 9.5% between the first and second quarters of 2020, ending the second quarter at an annualized rate of $19.43 trillion, reportedly the largest quarterly fall in more than 70 years. At the same time, those workers making initial claims on unemployment benefits rose to 1.43 million workers for the week that ended July 25.
To overcome the cause of this collapse, the coronavirus must be addressed, as must the virus in economic and political thought that has reigned over the last half-century.
The Bureau of Economic Analysis of the U.S. Commerce Department makes the official U.S. announcement on GDP, and reported in its release that U.S. GDP fell at an annualized rate of 32.9%. The mainstream media went with this figure, plastering it everywhere, in a British Empire attempt to trash—and overthrow—President Donald Trump.
The 32.9% figure, and the process of “annualizing” GDP is absurd. Does that mean from the end of the second quarter, with U.S. GDP at $19.43 trillion, the GDP will fall an additional 9.5% between the second and third quarters, and so on? Nobody knows that. That is arm-waving conjecture.
