Today juxtaposed the worst of America and its best. The day began with the news that, as bad as we expected the second-quarter’s economic news to be, it was worse. Gross domestic product (GDP) which measures good and services produced, fell 9.5%, equal to a 32.9% annual rate of decline. The last three months have been the worst since economists began keeping track. NPR noted that “The economic shock in April, May and June was more than three times as sharp as the previous record — 10% in 1958.” The last three months wiped out the economic growth of the past five years. And that crisis is despite the fact the government has pumped trillions into an attempt to shore up the economy.
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