{"id":176635,"date":"2020-04-29T19:37:00","date_gmt":"2020-04-30T00:37:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/04\/29\/human-sacrifice-dogs-and-cats-living-together-mass-hysteria\/"},"modified":"2020-04-29T19:37:00","modified_gmt":"2020-04-30T00:37:00","slug":"human-sacrifice-dogs-and-cats-living-together-mass-hysteria","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/04\/29\/human-sacrifice-dogs-and-cats-living-together-mass-hysteria\/","title":{"rendered":"Human Sacrifice, Dogs and Cats Living Together, Mass Hysteria"},"content":{"rendered":"
<\/a>
This is a scary<\/i><\/div>\n

We now have the first GDP numbers for the first quarter of 2020, and it is down 4.8%<\/a>.<\/p>\n

When one considers the trend of 2% annualized, and the fact that the shutdowns, and hence the economic contraction, did not begin until March, it means that the month of March fell at something approaching a 60% annual rate.<\/p>\n

Obviously, this won’t continue at this rate, but predictions are looking at a 30% contraction:<\/p>\n

The longest economic expansion in US history officially came to an end on Wednesday when the commerce department announced the economy shrank 4.8% in the first three months of the year. <\/p>\n

The economic slump, the steepest since the last recession in 2008, is just an early indicator of how severely the coronavirus pandemic has affected the US economy<\/a>. <\/p>\n

Much of the US economy shut down in March in an effort to contain the virus, triggering 26 million people to file for unemployment benefits and wiping out a decade of jobs gains, at the end of the first quarter. The next set of figures from the commerce department will more accurately reflect the true scale of its impact. <\/p>\n

Kevin Hassett, senior economic adviser to the White House, has predicted<\/a> gross domestic product (GDP) \u2013 the widest measure of the economy \u2013 could fall at an annualized rate of 30% in the next quarter. Goldman Sachs expects a 15% unemployment rate in the US by mid-year, up from 4.4% at present.<\/a> <\/p>\n

The fall is the sharpest quarterly decline in GDP since the end of 2008 when the economy contracted by an annualized rate of 8.4%. But on current forecasts the drop-off could soon rival the economic collapse of the Great Depression. In 1932 the US economy shrank 13% over the year.<\/span><\/p><\/blockquote>\n

 When one considers that pending home sales fell 25% month over month in March<\/a>, this is going to get a LOT uglier before things turn up.<\/p>\n

Also, with an additional 28 million people out of work, and a strong recovery, say 500K growth in non farm payrolls a month, something that has happened in only 15 months over the past 60 years, it would still take over a year for complete recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is a scary We now have the first GDP numbers for the first quarter of 2020, and it is down 4.8%. When one considers the trend of 2% annualized, and the fact that the shutdowns, and hence the economic contraction, did not begin until March, it means that the month of March fell at …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[392,450,393,458,514],"class_list":["post-176635","post","type-post","status-publish","format-standard","hentry","tag-economy","tag-employment","tag-real-estate","tag-recession","tag-teotwawki"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176635"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176635"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176635\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}