The Danish edition Berlingske has released material about the largest economy in the world – the US economy during the pandemic. The author believes that the country will face the most protracted crisis in history.
The coronavirus has dealt a severe blow to the States, the newspaper writes. In the second quarter of the year, the American economy experienced its largest recession in the postwar period. The drop in GDP was 32.9% compared to the same period in 2019.
This led to the largest unemployment in history since the 1930s, led to a sharp decline in tax revenue, and government spending increased. Consumption also fell, business investment fell, and the number of applications for unemployment benefits jumped.
In March, the government allocated $ 2 trillion to support the economy, and in May, the government allocated another $ 3 trillion. In July, discussions began on the allocation of another trillion dollars.
The situation is complicated by forest fires on the West coast, on the East – hurricanes are raging. Seattle is destroyed by vandals, but the police decided to liquidate, while the sale of weapons to the population has doubled since last year.