Reply
Honored Social Butterfly

Welcome to the worst economy ever

Welcome to the worst economy ever

 

Let's start with some bad news. And we won't sugarcoat it.

 
This is the worst economy ever. That's according to Federal Reserve Chairman Jerome Powell, who previewed some truly awful economic data headed our way when he spoke to reporters Wednesday.
 
"We are going to see economic data for the second quarter that is worse than any data we have seen for the economy," Powell said. "There are direct consequences of the disease and measures we are taking to protect ourselves from it."
 
It's worse for minorities than for white Americans. Powell noted that a few months ago, the US labor market was the best ever for minorities. But as stay-at-home orders have shuttered restaurants, movie theaters, retailers and many other businesses, a disproportionate number of non-white Americans have lost their jobs.
 
"It is heartbreaking, frankly, to see that all threatened now," Powell said of previous gains in non-white unemployment.
 
Read a deep dive into the economic data for the first part of the year, when the coronavirus stopped a booming economy in its tracks.
 
Health care hurt the economy. But not for the reason you think. Incredibly, one of the biggest drivers of decline was the health care industry. As hundreds of thousands of Americans contracted a deadly virus, overwhelming hospitals in New York especially, it was the suspension of money-making elective procedures that created one of the biggest hits to the economy.
 
Nonessential health care, essential meat processing. While much of the economy remains shut by the government, President Donald Trump essentially deemed meat processors essential to national security and has said, despite safety concerns, that they must stay open.
 
Tyson Foods, one of the largest meat processors, has promised two $500 bonuses for some workers. And they are ramping up safety in their plants.
 
It's notable, however, that a good portion of the workers in meat processing plants are immigrants and minorities.
 
Read this story from CNN Business, which quotes a meat plant worker who tested positive for Covid-19 and doesn't think many of his coworkers will return to the shuttered plant at the moment:
"I'm still trying to figure out: What is he going to do, force them to stay open? Force people to go to work?" he asked.
 
Human sacrifice zones. David Michaels was the Assistant Secretary of Labor for Occupational Safety and Health during the Obama administration. He slammed Trump's executive order during an appearance on CNN.
 
"What President Trump has done is said, 'We solved the bottleneck, we're going to make you stay open,'" Michaels said. "It is a disaster for workers. We're making these workplaces, these meat packing plants into human sacrifice zones."
  Very good news
 
There's great hope about a drug called remdesivir to treat Covid-19. And the government broke normal protocol to tell us all about it.
 
Recovering more quickly -- New data suggests patients with severe Covid-19 who took remdesivir could recover faster than patients who didn't take it, the National Institute of Allergy and Infectious Diseases said Wednesday.
 
Fauci feels good -- "The data shows that remdesivir has a clear-cut, significant, positive effect in diminishing the time to recovery," said the institute's director, Dr. Anthony Fauci.
 
It's not a 100% recovery rate, but... -- "Although a 31% improvement doesn't seem like a knockout 100%, it is very important proof of concept," Fauci said. "What it has proven is that a drug can block this virus."
 
Telling us early -- Normally, data about a drug's efficacy wouldn't be released this early from a preliminary trial.
 
But "whenever you have clear-cut evidence that a drug works, you have an ethical obligation to immediately let the people in the placebo group know so that they can have access," Fauci said.
  'Operation Warp Speed'
 
The Trump administration is launching a project to accelerate the development of a potential coronavirus vaccine, a senior administration official told CNN's Jim Acosta. The project, called "Operation Warp Speed," has the goal of manufacturing hundreds of millions of doses that can be made available to Americans by the end of the year, the official said. Read more here.
 
This is great! And I don't want to complain about it (I suggested a real-deal Manhattan Project in this newsletter this week). But why are they just now doing this? Why didn't they do this months ago, before tens of thousands of Americans died?
  Trump and Kushner have their own reality
 
On Tuesday, Trump told a reporter the US would soon be able to meet a Harvard-researcher-recommended benchmark of 5 million tests per day.
 
That same day Trump's person in charge of testing said that would never happen.
 
"There is absolutely no way on Earth, on this planet or any other planet, that we can do 20 million tests a day, or even 5 million tests a day," Adm. Brett Giroir, the assistant secretary of health, told Time Magazine.
 
He called the Harvard recommendation an "Ivory Tower, unreasonable benchmark."
 
A great success? Really? Presidential adviser and son-in-law Jared Kushner bragged about the level of testing in the US during an interview on Fox News. He predicted much of the country would essentially be back to normal in June, and called the whole thing a success.
 
"Now that the tests are out there, it's really about scaling supply chain, really in a historic manner and pace. So somebody asked me why it took so long, you should look at how did we do this so quickly? What's really happened, it's really extraordinary. So we don't want to let Dr. Fauci down and we will make sure we get enough tests into the market," he said.
 
  Data vs. decisionmaking
 
It does not appear any states have met the vague White House-endorsed benchmark of 14 days of downward virus trajectory. About half are starting to open up anyway.
 
Among the notable openers -- Georgia and Texas -- there has certainly not been a decrease.
We've actually got a chart for new infections in every US state. See them here.
 
And while anyone looking objectively at the curve of infections and deaths might wonder why things have plateaued, Kushner says that "we are on the other side of the medical aspect of this."
 
State of denial still. CNN's Stephen Collinson put it extremely well (as he always does), when he stated the clear fact that Trump still doesn't grasp the enormity of this:
 
Humanity is facing three crises at the very least -- medical, economic and social -- that will cause financial and geopolitical reverberations for years. The grim state of the economy was underscored Wednesday morning when it was reported that first-quarter GDP fell 4.8%, the worst contraction since the Great Recession.
 
Yet Trump says he sees "light at the end of the tunnel" and acts as if America is nearly home free.
 

"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly

When one compares the factual records of Obama versus Trump, then I will listen to them. In addition, every INTELLIGENT person understands that Obama took over in the middle of the worst global recession of our lifetime. 

 

When Trump came into office, the economy had been on a positive upswing for about 5 years under Obama.

Honored Social Butterfly

Trump Cult members are thoroughly confused by FACTS. Here they are: 

 

Obama created 1.6 million more jobs than Trump over a three-year period

It is harder for companies to find workers and it is later in the business cycle. However, Trump’s boasts about how many jobs he has added don’t include that he has generated 6.5 million jobs under his Presidency vs. the 8.1 million, or 1.6 million fewer than Obama did under the same timeframe. On average Obama created 43,000 more jobs per month than Trump. 

 

Job growth is a continuation from Obama’s Presidency

The graph below shows the number of employees in the private sector of the economy, meaning it excludes government workers and farmers. It shows that there has been 10 years of increased employment, seven under Obama and three under Trump. It turns out that in 2019 there were 1.927 million private sector jobs added, the fewest since 2010 as the economy was recovering from the Great Recession. 

https://www.forbes.com/sites/chuckjones/2020/02/07/obamas-last-three-years-of-job-growth-all-beat-tr...

 

0 Kudos
1,824 Views
1
Report
Honored Social Butterfly

C T Posted...

Trump Cult members are thoroughly confused by FACTS. Here they are:



Obama created 1.6 million more jobs than Trump over a three-year period

It is harder for companies to find workers and it is later in the business cycle. However, Trump’s boasts about how many jobs he has added don’t include that he has generated 6.5 million jobs under his Presidency vs. the 8.1 million, or 1.6 million fewer than Obama did under the same timeframe. On average Obama created 43,000 more jobs per month than Trump.



Job growth is a continuation from Obama’s Presidency

The graph below shows the number of employees in the private sector of the economy, meaning it excludes government workers and farmers. It shows that there has been 10 years of increased employment, seven under Obama and three under Trump. It turns out that in 2019 there were 1.927 million private sector jobs added, the fewest since 2010 as the economy was recovering from the Great Recession.

=================================================================

"Trump Cult members are thoroughly confused by FACTS. "

Trump Cult members? That again .. hope that makes you fell important with the left.



Facts..I like facts but if a person that uses them does not know the WHY the facts are what they are is just blowing smoke.

Think about that..please!
0 Kudos
1,819 Views
0
Report
Honored Social Butterfly

I also want to thank Trump for:

  • a tax plan which raised the deficit/debt by a stunning $1 TRILLION
  • a Trade War with China and imposing tariffs on our allies
  • a bailout of only the largest farms in America
  • a tax bill that benefited only the ultra-wealthy and big corporations
  • no health insurance bill
  • no infrastructure bill

All of the above did wonders for our economy.

Honored Social Butterfly

I also want to thank Trump for:

a tax plan which raised the deficit/debt by a stunning $1 TRILLION
a Trade War with China and imposing tariffs on our allies
a bailout of only the largest farms in America
a tax bill that benefited only the ultra-wealthy and big corporations
no health insurance bill
no infrastructure bill
All of the above did wonders for our economy.

=======================================================

Sour Grapes!

We had 8 years of Obama ... Obama was handed a economy that was going to take off and he did his best to slow down the "boom" with his anti business economy with his executive orders.
I spite of Obama our economy did well, thanks to the private sector.


Trump took over and the economy has gone up and up.

Again..I say thanks Mr President and what his pro-business economy and what has done for our great country for the best economy ever before COVID-19.



0 Kudos
1,828 Views
2
Report
Honored Social Butterfly

KidBoy2 wrote:

 

Sour Grapes!

We had 8 years of Obama ... Obama was handed a economy that was going to take off and he did his best to slow down the "boom" with his anti business economy with his executive orders.
I spite of Obama our economy did well, thanks to the private sector.

************************************************************************************

What alternate reality did you get this stuff from?  Obama inherited a completely crashed economy from George Bush, the biggest recession since the Great Depression resulted from it.

 

Try to rewrite history somewhere else KidBoy2, too many here live in reality and know actual history.


Man learns from history that man learns nothing from history.
0 Kudos
1,799 Views
1
Report
Honored Social Butterfly

ChasKy53 posted....

What alternate reality did you get this stuff from? Obama inherited a completely crashed economy from George Bush, the biggest recession since the Great Depression resulted from it.



Try to rewrite history somewhere else KidBoy2, too many here live in reality and know actual history.

================================================

You missed or ignored what I stated....again....

Facts..I like facts but if a person that uses them does not know the WHY the facts are what they are is just blowing smoke.

Ever hear about 9/11, wars, dot com boom and bust? Think about what they did to our economy.

Ever hear of being at the right pace at the right time? Obama was at the right place at the right time and our economy took off in spite of him and his anti business administration. Trump has keep it going...not easy when he got a good economy..it helped he was pro business.

Now we have COVID-19.
0 Kudos
1,775 Views
0
Report
Honored Social Butterfly

@Centristsin2010 Wrote:

 

Yet Trump says he sees "light at the end of the tunnel" and acts as if America is nearly home free.

 

 

+++++++++++++++++++++++++++++++++++++++++++++++==

 

I agree...  Before this virus was allowed to escape Wuhan, China and make its way to the 4 corners of the earth, we had he strongest economy in the world and still do, but our GDP has been shaken to its core.

 

 It is my firm belief that we will restore our GDP and continue to prosper in the future.  This setback has revealed some our vulnerabilities and given us cause to fix them for future generations.  Our government over the past 40 years made us weak in those areas that have now been revealed.  So we fix them.

 

I look forward to the next 4 to 8 years as I believe our brightest days are ahead.  The glass is half full, IMO...

 

Trump the new boss.png

 

 

 

 

 

VIMTSTL
0 Kudos
1,869 Views
1
Report
Honored Social Butterfly

Welcome to the worst economy ever

==================================================

I say thanks Mr President and what his pro-business economy and what has done for our great country for the best economy ever before COVID-19.

Honored Social Butterfly

Great article Centrists.  tRump is a cancer that needs surgically removed this November. Or he is something that needs an exorcism.


Man learns from history that man learns nothing from history.
Honored Social Butterfly

Great article Centrists.  tRump is a cancer that needs surgically removed this November.

 

Not just Trump,  the Trump Party has to go with him.

Honored Social Butterfly

Anyone wondering how we'll get out of tRump's mess need only look at Germany.  They IMMEDIATELY began massive testing to identify carriers and isolate them, asked their seniors to stay home (a major advantage of having a country that makes sure everyone gets a decent retirement income) and used social distancing to keep everything possible running. They're already thru the worst and on the way to full normality (except they'll still have to ban travel with us.

 

That is the difference between having a leader who is devoted to science and truth and having a psychopathic ToadPOTUS who hates science,  is addicted to lies and confuses pipe dreams with reality.

Honored Social Butterfly

Sure would be nice if the low oil prices made big companies focus MORE on green energy and clean energy sources....

Honored Social Butterfly

Would be great if we could focus on green energy, but the Toad has taken the distraction of thousands of Americans dying because of his incompetence and used it to slip by more Executive Orders allowing coal fired plants to pump MORE MERCURY and other deadly chemicals into our environment.

 

Only fix for America is no more Republicans in office - because you can't fix stupid.

Honored Social Butterfly

Exxon lost $610 million in the first quarter.

Honored Social Butterfly

CeeTee posted....

 

Exxon lost $610 million in the first quarter.

 

Isn't it great that POTUS negotiated a great deal for the US Oil industry as he boasts?  I remember his lame boasts when he said, "I make the BEST deals...."  LMAO!!!

 

Looks like his good buddy is stabbing him in the back....


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Regular Contributor

Big deal... not the only time Exxon has lost money, when the last helicopter left the roof of the US Embassy in Saigon at the end of the Vietnam War Exxon lost 1 Billion dollars in offshore oil rights.

 

I think that was about time when all the gold in Fort Knox supposedly disappeared.

 

What did we have next?  The fake oil crisis...

"Don't worry about the oil running out, worry about the food running out"
Professor Al Bartlett PhD (emeritus 1923-2013)
0 Kudos
825 Views
3
Report
Honored Social Butterfly

BW writes....

 

Big deal... not the only time Exxon has lost money, when the last helicopter left the roof of the US Embassy in Saigon at the end of the Vietnam War Exxon lost 1 Billion dollars in offshore oil rights.

 

Big Deal?  LMAO.....ask their stock holders....

 

The "Big Deal" is that POTUS bragged he was "the best deal maker" and boasted he made a great deal for US Oil companies.....so much for his "great deals"....

 

And, it's obvious to us trolls :smileytongue: that the closing down of many of the oil field in North Dakota and across the US and the world, costing thousands of jobs is a BIG DEAL to the families of those who lost their jobs due to the significant drop in demand....and the economic crash that has followed trump...

 

"It's all about the economy" right BW?


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Regular Contributor

"And, it's obvious to us trolls Smiley Tongue that the closing down of many of the oil field in North Dakota and across the US and the world, costing thousands of jobs is a BIG DEAL to the families of those who lost their jobs due to the significant drop in demand....and the economic crash that has followed trump..."

 

Clueless you are, you need to watch 2015's Al Jazeera Fault Lines S07-E01 Death On The Bakken Shale.

 

The Bakken Shale area has been a ghost town way before COVID-19 appeared on the horizon.

 

Boom & Bust, that's the way it is in the oil fields, always has been. Remember the Texas bust of the 80's.... yawn.

 

It's been quite a few years since I've met the refugees from that area here in Florida.

Around 2016 I started to see Dakota & Montana tags here in Volusia County, in all my many years here in Florida I have never met anyone from west of the Mississippi, you know that's God's Country, out there they think Florida is just a flat humid mosquito ridden swamp.

 

I'm not going to even try too explain to you why the Bakken Shale shutdown, it would be like banging my head on the wall after the post you made.

 

 

.

"Don't worry about the oil running out, worry about the food running out"
Professor Al Bartlett PhD (emeritus 1923-2013)
0 Kudos
1,876 Views
0
Report
Honored Social Butterfly

Good article Cent. Sure seems like trump is taking economic lessons from the idiot leader in Venezuela...how to ruin and run an economy in the ground, in ten easy steps!

Then again, we have a very questionable leader who is capable of doing this all by himself, along with jared and steven miller (whose job It is to get rid of as many minorities as possible)...

always keep in mind that trump says he is a stable genius, and has great comprehension of the medical field!...at least he said so. 

cancel
Showing results for 
Show  only  | Search instead for 
Did you mean: 
Users
Announcements

Does AARP donate to political parties or endorse candidates?

AARP is strictly non-partisan and always has been. We never endorse or donate to candidates, political parties or political action committees.

Learn more.

AARP Members Only Games

Play members only games, like FIll Ins, Lumeno, 2048 and a collaborative, multiplayer Let's Crossword.

Play Now
AARP Members Only Games Logos
AARP Rewards

Solve Crosswords. Earn Rewards. Activate AARP Rewards to earn points for games, quizzes and videos. Redeem for deals and discounts.

Get started with AARP Rewards now!
/html/assets/Rewards-program-badge-355x224.png