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turbinetree

(24,726 posts) Thu Jul 30, 2020, 01:50 PM Jul 2020

Trump 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/

-snip-

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..............

10 replies

= new reply since forum marked as read

Highlight:

Trump oversees worst economic downturn ever recorded in US history (Original Post) turbinetree Jul 2020 OP

A failure of a president and a failed presidency. iemitsu Jul 2020 #1

The Trump depression is coming soon duforsure Jul 2020 #2

To be fair TheFarseer Jul 2020 #3

The point is that he's done nothing substantive to address COVID or the economy. crickets Jul 2020 #4

If the lockdown had been in place just a bit longer we could be opening back up Quixote1818 Jul 2020 #8

That's almost certainly true TheFarseer Jul 2020 #10

The downturn is due to Corona virus, probably unavoidable LastDemocratInSC Jul 2020 #5

Could have been minimized Johnny2X2X Jul 2020 #6

3...2...1...Obama did it. lindysalsagal Jul 2020 #7

Don't worry he's a "businessman". ooky Jul 2020 #9

iemitsu

(3,888 posts)

1. A failure of a president and a failed presidency.

Reply to turbinetree (Original post)

Thu Jul 30, 2020, 01:57 PM

Jul 2020

duforsure

(11,885 posts)

2. The Trump depression is coming soon

Reply to turbinetree (Original post)

Thu Jul 30, 2020, 02:00 PM

Jul 2020

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

(9,326 posts)

3. To be fair

Reply to turbinetree (Original post)

Thu Jul 30, 2020, 02:04 PM

Jul 2020

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 Trump’s 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-it’s very possible he’s 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

(25,986 posts)

4. The point is that he's done nothing substantive to address COVID or the economy.

Reply to TheFarseer (Reply #3)

Thu Jul 30, 2020, 02:24 PM

Jul 2020

To be fair, he deserves to get dragged for that.

Quixote1818

(28,987 posts)

8. If the lockdown had been in place just a bit longer we could be opening back up

Reply to TheFarseer (Reply #3)

Thu Jul 30, 2020, 03:28 PM

Jul 2020

more than we are now AND people would not be afraid to go outside and spend money.

TheFarseer

(9,326 posts)

10. That's almost certainly true

Reply to Quixote1818 (Reply #8)

Thu Jul 30, 2020, 03:46 PM

Jul 2020

But that wouldn’t help 2nd quarter numbers was my only point.

LastDemocratInSC

(3,652 posts)

5. The downturn is due to Corona virus, probably unavoidable

Reply to turbinetree (Original post)

Thu Jul 30, 2020, 02:28 PM

Jul 2020

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.