There are more things which gonna affect the US economy in the long run.
US is not handling the situation of covid19 in greater ways and it will lead to more chaos in terms of businesses and jobs. They have to handle their money flow that is spent on the security and military personnel of USA thus making it worst over the time since billions are actually spent over WAR rather than HEALTH industry.
According to the latest news, we will have vaccines for covid19 by December to January 2021 meanwhile making the US situation two to three fold worst! (over 6 months)
Once the vaccine is out US will have to spend lot of money to buy vaccines in the first place and have vaccination campaigns throughout the nation. It costs hell lot of money and I am afraid US will already have gotten into worst GDP that could be possible.
So definitely GDP isn't gonna recover this year for USA.
Topic: US economy suffers worst decline as GDP contracts by 32.9% in the second quarter - page 4. (Read 552 times)
July 31, 2020, 01:54:26 AM
July 31, 2020, 01:46:58 AM
It sounds aweful. but obviously it isn´t for some. Check out that profits: https://www.youtube.com/watch?v=aoR5sniTnv4
The situation and setup looks to me like another attempt to destroy the middle class and SMEs, pushing the distribution of wealth even more out of balance. Debt discharge and easy to get low interest loans will revive most bigger businesses in 2021, but the smaller ones will perish if they don´t adapt to the situation (if they can).
The situation and setup looks to me like another attempt to destroy the middle class and SMEs, pushing the distribution of wealth even more out of balance. Debt discharge and easy to get low interest loans will revive most bigger businesses in 2021, but the smaller ones will perish if they don´t adapt to the situation (if they can).
July 31, 2020, 01:26:42 AM
The US economy(and every other economy in the world) will bounce back only after the pandemic ends.
Unfortunately the pandemic is here to stay and I assume that it will end after most of the world population gets infected with coronavirus and survives that illness,so the pandemic might continue for 2-3 years.
The 32.9% decline looks scary,but the US economy was on steroids due to the massive money printing,so I assume that such rapid decline is kinda normal.The economic growth of the US from the previous years was more or less artificial.
Unfortunately the pandemic is here to stay and I assume that it will end after most of the world population gets infected with coronavirus and survives that illness,so the pandemic might continue for 2-3 years.
The 32.9% decline looks scary,but the US economy was on steroids due to the massive money printing,so I assume that such rapid decline is kinda normal.The economic growth of the US from the previous years was more or less artificial.
July 31, 2020, 01:16:11 AM
This virus will kill much more people due to economic impact, not medical
July 31, 2020, 12:42:02 AM
but what worries me is whether the US economy can actually bounce back this year, or even next year as Trump had claimed that the economy will definitely bounce back.
Definitely not this year and not sure until the next one. We all knew US is a strong country. But trump words is merely a promise which can be true or not. I dont know but their economy has depleted fast and it will attribute to Trump's actions regarding covid19 scenario. He did a poor piss job to prevent it.Lastly with Covid19 yet wrecking havoc on US economy what chances do you see of its recovery in light of these numbers?
Maybe there is if the next President of US has a better solution. Their country is still one of the powerful in the world and only a great leader is needed to make it great again in spite of these worst scenario happening. July 31, 2020, 12:19:05 AM
I don’t think anyone here will be surprised to read this that the US GDP has contracted by 32.9% in the second quarter, as we all know that this is the after effect of covid19, but what worries me is whether the US economy can actually bounce back this year, or even next year as Trump had claimed that the economy will definitely bounce back. Further in more worrying news the jobless claims has risen to 1.43 million people, and this figure doesn’t look good for the US economy in the long run. Lastly with Covid19 yet wrecking havoc on US economy what chances do you see of its recovery in light of these numbers?.
Sources:
https://www.independent.co.uk/news/world/americas/us-economy-gdp-latest-coronavirus-trump-pandemic-a9645881.html
https://www.wsj.com/articles/us-economy-gdp-report-second-quarter-coronavirus-11596061406
https://www.forbes.com/sites/simonconstable/2020/05/28/look-out-democrats-the-economy-is-looking-better-for--trump-than-you-think/#3f1516e839bc
Sources:
https://www.independent.co.uk/news/world/americas/us-economy-gdp-latest-coronavirus-trump-pandemic-a9645881.html
https://www.wsj.com/articles/us-economy-gdp-report-second-quarter-coronavirus-11596061406
https://www.forbes.com/sites/simonconstable/2020/05/28/look-out-democrats-the-economy-is-looking-better-for--trump-than-you-think/#3f1516e839bc
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