GDP report set to show just initial wave of coronavirus damage as Fed vows continued aid

[Yo_Mama_Been_Loggin]

A report Wednesday on the economy’s severe contraction the first three months of the year will provide the first sweeping snapshot of the early damage wrought by the coronavirus pandemic but the ugly numbers will likely be dwarfed by the current quarter’s historic free fall.

Later Wednesday, the Federal Reserve is expected to fill out the grisly picture by downgrading its view of the economy and renewing its vow to do whatever it takes to help the nation weather the storm and bolster an anticipated recovery in the second half of the year. No major new policy actions are expected.

Economists surveyed by Bloomberg estimate the Commerce Department will report that gross domestic product fell an annual rate of 3.8% in the first quarter, which would be the steepest drop since the depths of the Great Recession in early 2009. The data will highlight “an economy already in deep recession,” Goldman Sachs wrote in a research note.

Keep in mind the economy didn’t come off the rails until mid-March when states began shutting down nonessential businesses such as restaurants, most stores and movie theaters to contain the spread of the virus, adding to a travel and leisure industry that was already at a virtual standstill.

https://www.msn.com/en-us/money/markets/gdp-report-set-to-show-just-initial-wave-of-coronavirus-damage-as-fed-vows-continued-aid/ar-BB13kf3N?li=BBnb7Kz&ocid=hplocalnews

[Laelth]

1. Bullshite!

Businesses started closing well before states and municipalities enacted stay-at-home orders. They didn’t have customers, so they closed. Now, 20+ million Americans are unemployed. Eliminating the stay-at-home orders isn’t going to change anything. People are staying home because THEY DON’T WANT TO DIE. It’s that simple, and there’s nothing that the government can do about it.

-Laelth

[ooky]

2. I suspect the reason they are so eager to open up now is the data is confirming that the risk

of dying is actually low for everyone except old people. I was looking at North Carolina's data tonight. People over 65 are 87% of the deaths. 50-64 is 10%, and 25-49 is 4%. Under 25 = zero.

Do you think maybe if all ages were dying in equal numbers they'd be so eager to send everyone back to school and work? Hell no, not if little Johnny and little Suzie might die. But grandpa has already lived long enough, he's expendable, say the Nazis.

[stillcool]

4. where did you find that data?

[ooky]

5. Linked for you here.

https://www.ncdhhs.gov/divisions/public-health/covid19/covid-19-nc-case-count

Edit: Click on the "By age" tab.

[stillcool]

7. thanks!..

[jimfields33]

6. You are right

Also a neighbor pointed out to me that the government is happy because it just lost 50,000 social security recipients. He said 50K because the others are out of age range. Make sense especially with this administration.

[ooky]

8. Oh yes. And Medicare too. nt

[LaelthsDaughter]

3. And?

Look. I want money! I need my money to live. I WANT to work. My job ain’t there. My previous job laid me off cause there ain’t no customers. The customers (Aka: sheep) are all tucking their tails and don’t wanna leave home. So I ain’t got no god damn job. I have talked with ex coworkers, and many others professionals who lost thier jobs, just like me, and 99% of them want to go back to work. We need money!!!

Like, it’s not up to me if I have a job to go to. There ain’t no jobs available. We just lost 20+ million jobs in this country. Most people work menial labor jobs, and those jobs are gone because no customers wanna interact with people.

Do you honestly think the government can tell the sheep to move on to the next pasture and be done with wrecking the economy by not showing up? No! The government isn’t a sheep dog, and a lunatic is runnin’ it. Ain’t no way in hell people are gonna show up to go about thier normal spending extravaganzas under the present circumstances. Sorry, it’s just true.

Here endeth the lesson. I’m fed up with this blame game. Stop, please.