Behind the sensationalist headlines about the largest pullback in US history, there's a lot of nuance and complexity, but the overall message is clear: the US economy is in big big trouble, especially the services sector. Economics Explained takes a deep dive and asks the question: is this the end of an empire?.
Via thei video:
Last Thursday on the 30th of July 2020, the U.S. Bureau of Economic Analysis released its 2nd quarter Gross Domestic Product report. The report noted a 32.9% contraction in annual GDP growth in the months of April, May, and June. For reference, the 2008 subprime mortgage crisis of 2008 saw an 8% drop in annualized GDP figures at its peak.
The drop edged out the 1929 events that started the Great Depression.
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