US Economy Actually Contracted 9.4% in the 2nd Quarter 2020 – Not the 32.9% Reported by the Liberal MSM

The MSM can no longer be trusted. Their fact checkers are worse. We learned this before the bogus Russia collusion Mueller fraud was shared nightly for three years on every MSM channel.

Today we have another example of how the MSM will do all they can to denigrate and slander the Trump Administration and the American people.

The US Bureau of Economic Analysis (BEA) released their initial results for the GDP in the 2nd Quarter of 2020 on Wednesday. In the initial summary the BEA reported that Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the BEA’s initial estimate. But this estimate annualizes this quarter’s results and in essence multiplies by four quarters. The real decrease in GDP is 9.4 percent.

We have noted in prior editions that the BEA has released some questionable estimates in the past, seemingly overstating Obama’s GDP estimates initially and then downplaying these results in subsequent estimates. For President Trump the BEA appears to do the opposite. For example, we now know that the US GDP increased 3% in 2018 as noted in the additional supplement provided this quarter. When initial estimates came out, the BEA reported that the 2018 GDP increase was only 2.9%.

This result confirms that the only President since the great depression to not have at least one year with a GDP increase of at least 3% is President Obama.

But today’s story was about the change in GDP over the past quarter. What the BEA reported on their first page was that the GDP decreased by almost 33 percent in the 2nd quarter. But this estimate is very misleading. When you look at the actual numbers the change in GDP is much lower.