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Report: Pandemic gutted U.S. GDP

by Kyle Ziemnick
Posted 9/30/20, 06:32 pm

WASHINGTON—Economists expect an impressive rebound after a depressing second quarter. A U.S. Commerce Department report released on Wednesday showed the gross domestic product fell by 31.4 percent in April, May, and June while lockdowns from the coronavirus pandemic paralyzed many businesses. That’s the steepest drop in the report’s history—three times greater than the second-worst decline.

Will the economy recover anytime soon? The GDP likely will shrink overall in 2020, but many experts project a record-setting 30 percent jump from July to September as states continue to allow businesses to reopen. The U.S. government will release its third-quarter report on Oct. 29.

Dig deeper: Read Dr. Charles Horton’s report on ways to prevent the spread of the coronavirus indoors.

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Kyle Ziemnick

Kyle is a WORLD Digital news reporter. He is a World Journalism Institute and Patrick Henry College graduate. Kyle resides in Purcellville, Va. Follow him on Twitter @kylezim25.

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  •  Ernest C Beisner's picture
    Ernest C Beisner
    Posted: Thu, 10/01/2020 01:42 pm

    It wasn't the pandemic that gutted the economy. The overwhelming majority of those who died with COVID-19 (only 6% of whom, according to the CDC, didn't have serious comorbidities, making COVID-19 only the straw that broke the camel's back for the other 94%) were past or very near retirement age. Compared with the 6 months and counting of keeping scores of thousands of businesses closed or nearly so, their deaths (every one of which is of course to be mourned) would have had very small effect on the economy as a whole. What gutted the economy wasn't the disease but our governments' responses to it, locking down much of the economy--responses that I continue (see my article of April 8) to expect may well cause more deaths than the disease itself would have caused without the responses. Simply protecting the elderly and those with serious comorbidities that made them extra vulnerable could have been done without the economic lockdowns.

    Posted: Thu, 10/01/2020 04:14 pm

    How many businesses did they account for that were burned down and gutted by the riots?