Recently the news reported that the GDP fell 9.5% in the second quarter – biggest drop on record – translates to a 32.9% annual rate of decline, the worst since quarterly performance tracking has started. This is a far greater contraction than during the 1929 depression. There are now 35-40 million people on unemployment, many of whom face eviction. According to Rasmus, consumer spending is 70% of the economy. There can be no “recovery” if people don’t have the money to pay for goods and services.
Listen at Jack Rasmus
