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Worst drop EVER: US economy plunges over 31% in second quarter

Nasr

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To all those pathetic fools who keep ranting about the U.S stock market of america doing so well, citing this as a visible indicator that america's economy is doing great. And to those half-@$$ idiots out there, are the unpaid spokesperson for the super rich elites of america. Well then, here is an eye opener for ya!!

1. The richest 0.1% of Americans own 17% of the stock market

2. The richest 1% of Americans own 50% of the stock market.

3. The richest 10% of Americans own 87% of the stock market.

The true face of america, read it and shut your trap permanently about america doing just fine economically.
 

tower9

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Ahahhahaha you asking people who are anti U S that question? :lol:. Since when has objectivity being the priority of such an obvious bias? Lol
I have been hearing "the collapse of the US is imminent" for a very long time since I was still a little boy, yet they are still there and were even the fastest growing major developed country until recently ( this is despite their massive economy and already ultra developed status) before Covid. So don't even bother trying to talk sense to this people. Lol. They are similar to those claiming and hoping China will soon collapse. All members of the same gang but with different bias towards the country they support. Lol. Matter of fact: US or China aren't going anywhere anytime soon.
The US has a secret power that other countries don’t have and it is the US dollars reserve currency status. If that becomes threatened, it will force the US govt to actually become fiscally responsible which they have not been for over thirty years.
I really doubt our economy is in any danger of collapsing.

It fucking sucks if you're not already rich but this wouldn't be the first time in history that's been the case.
Things don’t happen overnight. Society is already exhibiting many signs of decline even if some sectors continue to thrive like the tech, financial and military sectors. The gap between the rich and poor us widening dramatically. If I were you, I’d work to get hard assets ASAP because in the future. Asset owners will survive and wage earners will be slaves as the value of the dollar declines due to the weakening of the reserve status.
 
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Hamartia Antidote

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To all those pathetic fools who keep ranting about the U.S stock market of america doing so well, citing this as a visible indicator that america's economy is doing great. And to those half-@$$ idiots out there, are the unpaid spokesperson for the super rich elites of america. Well then, here is an eye opener for ya!!

1. The richest 0.1% of Americans own 17% of the stock market

2. The richest 1% of Americans own 50% of the stock market.

3. The richest 10% of Americans own 87% of the stock market.

The true face of america, read it and shut your trap permanently about america doing just fine economically.
From this chart it looks like just 30 years ago 70% percent of Americans had zero investments in the stockmarket...meaning no matter what the number it was obviously lopsided. Now it's only 50%.
Screen Shot 2020-10-23 at 11.10.43 AM.jpg


So 50% of the US has an interest in how the stockmarket is doing. Yes not everybody has $1Billion invested like the top tiers but it is certainly higher than in the past.

Screen Shot 2020-10-23 at 11.40.16 AM.jpg
 
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Nasr

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U.S. Economy Drops 32.9% In Worst GDP Report Ever

Gross domestic product — the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter as restaurants and retailers closed their doors in a desperate effort to slow the spread of the virus, which has killed more than 150,000 people in the U.S.



Staggeringly High’: U.S. Jobless Claims Remained Elevated Last Week

More than 800,000 Americans filed new applications for state unemployment benefits.

Applications for jobless benefits remained high last week, even as the collapse of stimulus talks in Washington raised fears of a new wave of layoffs.

Unemployment filings have fallen swiftly from their peak of more than six million last spring. But that progress has recently stalled at a level far higher than the worst weeks of past recessions. That pattern continued last week, the Labor Department said Thursday: More than 800,000 Americans filed new applications for state benefits, before adjusting for seasonal variations, roughly in line with where the total has been since early August.



31.4% spring slide for a US economy likely to shrink in 2020

The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession.

Mass unemployment over coronavirus could lead to a 45% jump in homelessness, study finds

Tyrone Dixon, 53, center, waits with fellow homeless people outside the Echo Park Community Center.

Tyrone Dixon, 53, center, waits with fellow homeless people outside the Echo Park Community Center, one of several Los Angeles recreation centers that have been converted to shelters during the COVID-19 pandemic.


With the coronavirus-induced shock to the economy crippling businesses of all sizes and leaving millions of Americans out of work, homelessness in the United States could grow as much as 45% in a year, according to a new analysis conducted by a Columbia University professor.

 

Wine&Steak

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U.S. Economy Drops 32.9% In Worst GDP Report Ever

Gross domestic product — the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter as restaurants and retailers closed their doors in a desperate effort to slow the spread of the virus, which has killed more than 150,000 people in the U.S.



Staggeringly High’: U.S. Jobless Claims Remained Elevated Last Week

More than 800,000 Americans filed new applications for state unemployment benefits.

Applications for jobless benefits remained high last week, even as the collapse of stimulus talks in Washington raised fears of a new wave of layoffs.

Unemployment filings have fallen swiftly from their peak of more than six million last spring. But that progress has recently stalled at a level far higher than the worst weeks of past recessions. That pattern continued last week, the Labor Department said Thursday: More than 800,000 Americans filed new applications for state benefits, before adjusting for seasonal variations, roughly in line with where the total has been since early August.



31.4% spring slide for a US economy likely to shrink in 2020

The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession.

Mass unemployment over coronavirus could lead to a 45% jump in homelessness, study finds

Tyrone Dixon, 53, center, waits with fellow homeless people outside the Echo Park Community Center.

Tyrone Dixon, 53, center, waits with fellow homeless people outside the Echo Park Community Center, one of several Los Angeles recreation centers that have been converted to shelters during the COVID-19 pandemic.


With the coronavirus-induced shock to the economy crippling businesses of all sizes and leaving millions of Americans out of work, homelessness in the United States could grow as much as 45% in a year, according to a new analysis conducted by a Columbia University professor.

Dude, you have low IQ. Listen to how much sore loser, you sound. your wish & hatred of USA, does not turn to reality.
US is Pax-Americana unlike Rome, which did not produce but raided neighbours & North Africa, to plunder.
US is world power because it produces the finest armaments, medicine, Agri &food, software & Tech, Music & Entertainment. Culturally also it is dominating the world. It employs cheap foreign labour (poor countries incl. China) to gain maximum value of most products it sells. USA is the most efficient market right now in the world, it works like an ant with max efficiency. Just take a look at Amazon, Google, facebook, spaceX, Tesla & others. Why are others not able to replicate this, not even Europeans.

3rd Quarter GDP is projected to 27% growth after a 32% decline in 2nd quarter. Temporary glitches , don't make a trend
 

Nasr

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Dude, you have low IQ. Listen to how much sore loser, you sound. your wish & hatred of USA, does not turn to reality.
US is Pax-Americana unlike Rome, which did not produce but raided neighbours & North Africa, to plunder.
US is world power because it produces the finest armaments, medicine, Agri &food, software & Tech, Music & Entertainment. Culturally also it is dominating the world. It employs cheap foreign labour (poor countries incl. China) to gain maximum value of most products it sells. USA is the most efficient market right now in the world, it works like an ant with max efficiency. Just take a look at Amazon, Google, facebook, spaceX, Tesla & others. Why are others not able to replicate this, not even Europeans.

3rd Quarter GDP is projected to 27% growth after a 32% decline in 2nd quarter. Temporary glitches , don't make a trend
You know what I love about your post, it's false sense of "all is great" and that america is here to say. As for your sore loser remark/low IQ remark, well I have lived through the Cold War and have taken my studying your country, monetary economics, the bretten woods system, the petrodollar system, countless books on how the world bank and imf work under american dictaté.

So sure, go ahead with the personal attacks. That's all you're capable of and amount to in any case. Frankly speaking, it's pathetic how you all behave. But I have no pity for your kind, you're as useless as trash in a garbage dumpster.

Time is the best orator of the truth, and truth has always and shall always triumph over falsehood. So keep living a lie, until the end. I have zero obligation to dissuade your kind from your delusions. My duty is to my people, my fellow Muslims, to make them aware of what really is, not the pathetic lies they tell on CNN, MSNBC, BBC, FOX, NPR and Hollywood.
 

Nasr

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US economy may face unprecedented crash without another massive injection, Professor Wolff tells Boom Bust
Published: 29 Oct 2020 | 11:43 GMT
US economy may face unprecedented crash without another massive injection, Professor Wolff tells Boom Bust

The US economy is currently crippled by two simultaneous crises – rising Covid infections and an economic crash that happens every several years – Professor Richard Wolff told RT’s Boom Bust.
“The crash actually began in February, the virus hit us in March. Blaming the virus is silly – we have crashes every four to seven years anyway,” Wolff noted.

The only way for the US to survive the current economic collapse and recover to pre-crisis levels is “to get a massive injection of more government support,” he stressed. Wolff explains that it is vital as the economy has become “utterly” dependent on those stimulus measures.
“My guess is that no matter who wins the election, that’s the next step, because the alternative is a level of breakdown that we’ve never seen in this country, probably in our history,” the analyst said.

 

F-22Raptor

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Real gross domestic product(GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.

Current‑dollar GDP increased 38.0 percent, or $1.64 trillion, in the third quarter to a level of $21.16 trillion. In the second quarter, GDP decreased 32.8 percent, or $2.04 trillion (tables 1 and 3).

https://www.bea.gov/news/2020/gross-domestic-product-third-quarter-2020-advance-estimate
 

Nasr

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After Q4, Covid will have only made a dent in US GDP. This must be a difficult day for you. Your worthless narrative has been exposed.
Oh I will wait for that day (soon to come) and when that day comes, be sure that I will tear you and your kind apart like a ruthless savage on a rampage. Till then, enjoy your little fantasia, pretty boy!!
 

PAKISTANFOREVER

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Worst drop EVER: US economy plunges over 31% in second quarter

US gross domestic product (GDP) fell by a 31.4 percent annualized rate last quarter, marking the steepest drop in output since the government started keeping records in 1947, the Commerce Department said on Wednesday.

The previous worst quarterly drop was observed in the first three months of 1958, when GDP fell 10 percent on an annualized basis.

The new data reflects a slightly upward revision, with output previously reported to have contracted at a 31.7 percent pace during the period.

“The decline in second quarter GDP reflected the response to COVID-19, as ‘stay-at-home’ orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses,” said the Bureau of Economic Analysis.

“This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending,” it added.

The US economy fell at a five percent rate in the first quarter, signaling an end to a nearly 11-year-long economic expansion, which was the longest in the nation’s history.

Economists expect growth to slow significantly in the final three months of this year, to a rate of around four percent. The economy could plunge back into a recession if Congress fails to pass another stimulus measure, or if there is a resurgence of the coronavirus, they say.




TBH I have been hearing this since 1988 but it never happens. The only thing that happens is that the living conditions of the blacks get worst each decade and the crime rate goes up. Nothing else.
 

Nasr

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Feel free to cry some more
All that paper will go down the toilet. Act out like the vain people you really are. When the time comes, expect no mercy nor remorse, just the way your kind showed did to Iraq, Syria, Yemen, Bosnia, Libya, Afghanistan, Somalia, Palestine and Kashmir.

Keep prancing around like drag-queen!
 

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