Chart of the Day: GDP Plummets in Q2

GDP plummeted 9.5 percent in the second quarter of the year, an annualized rate of 32.9 percent. Just in case that’s not dramatic enough for you, here’s a view of GDP that you don’t normally see:

The reason you seldom see this view of raw GDP is that even big drops barely show up. The 1980 recession is hardly visible and even the 2008 Great Recession looks pretty puny. It’s just a nice, steady march of trendline growth until 2020. The coronavirus recession is the first in 90 years to be so big that it’s visible from outer space, so to speak.

I used to take solace from the fact that this drop was deliberately manufactured, which meant it could be deliberately remedied when the coronavirus was under control. Little did I know that our president had no real interest in controlling the virus and Republicans had no real interest in keeping the country afloat in the meantime. There is going to be tremendous suffering over the next year.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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