The US economy shrank at a record-breaking 32.9% rate in the second quarter of this year as Americans sheltered at home during the coronavirus pandemic and slashed personal spending, the Commerce Department said Thursday. That figure shatters the previous record for a quarterly decrease in the nation’s gross domestic product, a 10% decline in 1958, CBS News reported.
The latest drop was driven by a fall in consumer spending, exports, business investment and state and local government spending, and was partly offset by increased federal spending. Thursday’s figures confirm Jerome Powell’s assessment earlier this week, with the Federal Reserve Chairman on Wednesday calling the economic crisis “the most severe in our lifetimes”….
Luckily, the establishment loves us. Otherwise we’d already be soylent green.