It took a little time, but the real economic impact of putting so much of the US economy on ice as a COVID infection prophylactic is now becoming apparent. Today the Commerce Department said that the lockdown triggered the sharpest economic contraction in modern American history. Gross domestic product — our broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter. The 3 next-largest quarterly GDP drops in the past 75 years were -10% in Q1 1958, -8% over Q2 1980, and -8.4% in Q4 2008. The overall United States
economy was 9.5 % smaller at the end of Q2 2020 than it was at the end of Q2 2019:
An alliance of MDs who have been treating COVID-19 patients on the front lines since the beginning of this pandemic voluntarily gave a statement two days ago to directly let us all know that:
- This level of fear and shuttering of our activity is unwarranted.
- There is a reliable cure for COVID (hydroxychloroquine, zithromycin, and zinc)
- That policies, including the shutting of schools, have no basis in medical science and need to be changed immediately
- That we, the people, must push our elected representative to force them to move in this direction for these changes to happen.
The video of their talk was not broadcast throughout the country by the MSM and within the first 24 hours after they put it up on YouTube, it was removed. Twitter and Facebook also censored it. Zuckerberg said at a House Judiciary Committee meeting : ” “We do not want to become the arbiters of truth. I think that would be a bad position for us to be in and not what we should be doing”. He also said that Facebook posts claiming hydroxychloroquine is effective at treating COVID will be taken down. Without giving much in the way of supporting clinical data or other medical evidence, the president’s COVID advisor Dr. Anthony Fauci said that they had made statements that weren’t true. If you are concerned about your health, I suggest reading ‘Why We Get Sick’ by Benjamin Bikman, adjusting your diet accordingly, and letting other people be the ones consumed with the fear of COVID.
Consumer confidence is in crash mode, the supply chain has been substantially disrupted, and swaths of the economy have been destroyed. If in fact some are imposing all this as means to gain some political objective(s) they are stupid. The notion that after winning an election (or whatever the goal may be) that we can go back to fairly-normal operation and just move-on is fantasy. The economy has suffered lasting damage, is undergoing a structural reshaping, and US society is now so divided that there is good chance that it may not cohere much further into the future. People are already fleeing the cities and blue states for more boring but safe and stable suburban zones to an extent that is changing the demography and fragmenting the real estate market.