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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump oversees worst economic downturn ever recorded in US history
By Dan Desai Martin -July 30, 2020 11:51 AM
Delaying another coronavirus relief bill could be making the problem worse, says one market analyst.
Donald Trump oversaw the worst economic quarter in recorded U.S. history, with the economy shrinking by 33% from April through June.
This marks the second quarter in a row Trump has presided over a steep quarterly drop in the nation's gross domestic product, the Associated Press reported on Thursday, following a 5% drop from January through March.
Since the federal government began recording quarterly GDP in 1947, the previous worst quarter was a 10% contraction in 1958.
In 2016, Trump campaigned on growing the economy by up to 6% per year, but has repeatedly failed to fulfill that promise. The most the economy has grown was 3.2% in 2018 and GDP growth fell below 2.5% in both 2017 or 2019.
https://americanindependent.com/donald-trump-worst-economic-downturn-33-percent-coronavirus-economy-pandemic-covid-19/
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And then there is this article from USA Today...............
https://www.usatoday.com/story/money/2020/07/30/economy-gdp-fell-annual-rate-32-9-q-2-amid-covid-19-crisis/5536647002/
and then there is the do nothing republican senate..............
iemitsu
(3,888 posts)duforsure
(11,885 posts)And caused by trump and the republican party, who'll be remember for decades for it and allowing this virus to be ignored for months , and months.
TheFarseer
(9,328 posts)GDP in the last quarter was going to be bad and may have been even worse with a stricter lockdown many Dems were proposing. Is it Trumps fault this is dragging on with no end in sight? Maybe/probably. Was he promising growth he knew he could not deliver before that? Maybe-its very possible hes so dumb he thought tax cuts could achieve that growth but more likely he knew he was full of crap. Just saying GDP was destined to be down last qtr.
crickets
(25,993 posts)To be fair, he deserves to get dragged for that.
Quixote1818
(29,025 posts)more than we are now AND people would not be afraid to go outside and spend money.
TheFarseer
(9,328 posts)But that wouldnt help 2nd quarter numbers was my only point.
LastDemocratInSC
(3,657 posts)But the fact that it's deepening now, and may not recover for a long time, is 100% due to the incompetence, malevolence, stubbornness, lack of imagination, and magical thinking of Trump and his administration.
Johnny2X2X
(19,286 posts)His response made the shutdowns longer and more wide spread than they had to be.
And the whole country is going to have to shut down again soon too.
lindysalsagal
(20,795 posts)Obama stole your lunch.