Author Topic: Economy shrank 3.5 percent in 2020  (Read 292 times)

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Offline mystery-ak

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Economy shrank 3.5 percent in 2020
« on: January 28, 2021, 02:06:02 pm »
Economy shrank 3.5 percent in 2020
By Niv Elis and Sylvan Lane - 01/28/21 08:47 AM EST


The U.S. economy shrank 3.5 percent in 2020 as the coronavirus pandemic shuttered businesses, schools and events, marking the first annual contraction since the Great Recession, according to data released by the Commerce Department on Thursday.

U.S gross domestic product (GDP) suffered its largest annual decline since 1946 due to the coronavirus pandemic, according to the Commerce Department. The outbreak of COVID-19 caused the steepest economic collapse since the Great Depression, wiping out more than 20 million jobs and years of economic growth within two months.

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U.S. GDP increased by an annualized rate of 4 percent in the final three months of 2020, according to the data released Thursday, following an annualized gain of 33.4 percent in the third quarter and and 31.4 percent annualized decline in the second quarter. But the economic rebound staged in the second half of 2020 has been dampened by the rapid spread of COVID-19 throughout the country.

Roughly 9 million jobs lost during onset of the pandemic have yet to be recovered, and those without work have struggled to get by with swaths of the economy still largely shut down by the virus. The federal government approved more than $4 trillion to fund pandemic response and economic rescue, though Democratic lawmakers and many economists say more is still needed.
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Online catfish1957

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Re: Economy shrank 3.5 percent in 2020
« Reply #1 on: January 28, 2021, 06:15:54 pm »
That is bad news.  But considering that this nation went through the first pandemic in over a 100 years?

Obama's 2.5% GDP drop in 2009 pales this in comparison.
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Offline dfwgator

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Re: Economy shrank 3.5 percent in 2020
« Reply #2 on: January 28, 2021, 06:44:54 pm »
Mission Accomplished by the ChiComs and the DNC.

Online cato potatoe

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Re: Economy shrank 3.5 percent in 2020
« Reply #3 on: January 29, 2021, 05:44:21 pm »
It would have been far worse had red state governors not opened their economies.

Offline thackney

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