“Realities like the fact that it is the height of hubris for you, me, them, or some panel of bureaucrats to determine for everyone else what is “essential” and “nonessential” business. Our well-intentioned efforts to do that several months ago have proven fiscally and psychologically catastrophic.”
(Peter Heck – Disrn) I about swallowed my tongue when I sat down at the table to try to ease into the news of the day, and instead saw this from NBC:
BREAKING: US GDP falls by a record 32.9% in 2nd quarter, and more than 1.43M people filed for unemployment benefits for the 1st time last week, rising for a 2nd week.
The U.S. GDP did fall a dangerous amount – 9.5% to be precise – but nowhere near the mark that NBC reported. The 32.9% was the annualized number, meaning that if the GDP continued falling at its current clip, that would be the total drop for the year.
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