The National Bureau of Economic Research concluded that the US is in a recession that started in February before COVID lockdowns.
“The committee recognizes that the pandemic and the public health response have resulted in a downturn with different characteristics and dynamics than prior recessions,” the NBER’s Business Cycle Dating Committee said in a statement. “Nonetheless, it concluded that the unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”
In making the declaration, the committee determined that a “clear peak in monthly economic activity” occurred in February. The peak in quarterly activity happened in the fourth quarter of 2019.
Trump has blamed China and the coronavirus pandemic for the recession, but the reality is that the economy was already in recession before he made this worse with his handling of the coronavirus. Trump has tried to claim that the recession is China’s fault, and he is blameless.
The reality is that Trump’s massive tax cut for the wealthy and corporations did nothing for jobs, and strangled the Obama economic recovery.
Trump didn’t build the greatest economy in history. Like his business, he ran the economy straight into the ground.
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