US Economy Shrank 4.8% In First Quarter, Sharpest Drop Since Great Recession | Talking Points Memo

WASHINGTON (AP) — The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record.


This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1306457
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C’mon, Grandma! Take one for the team!

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“The coronavirus pandemic is likely to trigger the sharpest recession in the United States since the Great Depression. An early signal of that came Wednesday, when the Commerce Department said the economy shrank at a 4.8% annual rate in the first three months of the year — the first quarterly contraction since 2014 and the largest since the Great Recession.”

We are living in historic times.

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He didn’t build the economy. He rode Obama’s coattails and Wall Street ignored the crazy shit he did because they thought he was ‘pro-business’ and wouldn’t hurt them in the long run.

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Yes, my husband and I were talking about this. He said he’s read some real doomsday scenarios about the economy that would keep me up nights if I asked him to be too specific.

It’s hard to believe the damage Trump and his crew have achieved in almost four short years.

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He’s lying. Since he has accomplished less than nothing in his first term he will continue the flat out lie that he, and only he can bring back the rainbow farting unicorns of prosperity and good health. The reality is he will continue his acts of politcide against the American people as he funnels the taxpayers’ wealth to his family and political donors. The monster is not in the least concerned about the thousands of people who will die from his actions.

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And we’re just at the tip of the iceberg… Boeing is cutting 16,000 jobs, that’s going to have significant ripple effects.

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Related: this story from Louisiana that appeared in my Twitter feed this morning. The most telling advice here is that the very first word that appears in a list of “trap words” for GOPers to avoid is “Republican”:

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Expect at least a 20% annualized drop in the second quarter. GDP in the US only started going down in March so this drop only reflects what happened during less than one third of the first quarter. The real blood letting has yet to come.

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Yes. Though Boeing officially doesn’t have a plant here in Wichita, Spirit Aerosystems, the largest employer here, does contract work almost exclusively with Boeing. They’d already laid off a bunch of people because of the problems with the 737–and now this.

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And we’re going to see the same mother fucking thing we did, ok a lot of folks my parents age saw, Republicans do nothing or too little to help and we have to get a D in there to pull us back up. And R will never admit to doing nothing and bitch and moan about the deficit all the time a D in in office, even though they drive it the highest, don’t provide any benefits to people and never talk about it when they are in control.

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Aren’t they the ones who build the fuselages? Yup, gonna get worse. Especially with the MAX problems, doubt that that line will ever fly again.

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True, but he did give it a significant boost with his tax cuts. Corporations returned the favor by keeping employment numbers high. Even his stupid tariffs were mitigated by the strong economy and rising dollar.

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And yet, the Dow is up at the opening. I realize it’s supposed to be forward looking about a year out, but wtf information is it really relaying? I mean, besides being an indicator that the rich get richer.

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OT.OT.

With all this noise about states reopening I see OUR congresspeople are leery about coming back to Washington to do their jobs,But Trump is signing and executive order to make meat workers to go back to KNOWN infected plants and unknown workers with corvid19 symptoms.One Senator was saying some of the congress people are elderly and could to subject to the virus if they come back to work.
Going to the grocery store,but I’ll probably do 100 laps around the house to calm myself down from hearing this craziness.

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“And yet, the Dow is up at the opening.”
Fueling my laps around the house. CRAZY !

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Right–mostly the fuselages, and, I think, some interior work as well.

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Isn’t so much winning wonderful? I, for one, am bored to tears with so much winning.

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I was always under the impression it looked forward about six months. Much further out than that is getting into crystal ball territory.

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This is all because of the person in the WH. It starts as simple stupidity and laziness and corrupt thinking and because of consequences, it is analogous to an earth as seen from

  • Mars
  • Luna
  • 50,000 feet
  • 1,000 feet
  • In the deepest, most entangled steamy jungle of woe…due to Donald John Trump
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