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May 31, 2020 | Shocking Numbers: GDP down $500 Billion in Five Months!
Don Swenson
America’s Gross Domestic Product (our measure of wealth) has declined by some $500 billion since the beginning of 2020. The numbers can be watched here: http://www.usdebtclock.org. Debt to GDP is now 123.06%. Our current deficit has surpassed $3 trillion (official) and some $3.6 trillion (actual). Where is the concern?
As I write our GDP is $20.89 trillion (down from $21.428 trillion at beginning of year). Revenues are crashing, debt is skyrocketing, deficits are increasing daily. Is anyone concerned? It appears that none of our esteemed leaders are paying any attention to the numbers. Where is Mr. Trump on all this? I find no evidence of his concern. Amazing!
Will these crashing numbers create a ‘V’ recovery as the year progresses? I don’t think so! At the margin (where economic activity occurs) all is crashing fast and furious. Our young are now rioting in over 30 cities (over the George Floyd death situation). But could our economy be a factor in more rioting going forward? My sense is YES.
Lake Street, Minneapolis, Minnesota
Time to wake-up and smell the rot! Have a good day! I am: https://kingdomecon.wordpress.com.
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Don Swenson May 31st, 2020
Posted In: Kingdom Economics