Goldman Sachs came out with an estimate for a 34% drop in gdp along with 15% unemployment in a year followed by the quickest recovery ever. I have heard other estimates that unemployment could go to 30% which is realistic. The quickest recovery ever bullshit, not only do we have so many problems this stimulus bill incentivizes people to not work they get an actual raise to be unemployed, nobody has to worry about any debt so what’s the hurry we can all just sit at home and collect checks. Assuming that you believe the inflation the fed calculates which I don’t. But assuming those numbers and the 34% drop in gdp forecast is correct gdp goes from 21.7 trillion to 14.3 trillion. That puts us all the way back to Q2 2007. So we took on 15 trillion in federal debt, all the other record high debt, expanded the balance sheet to 4.5 trillion, 0% interest rates for a decade, bailouts, and we have no gdp growth to show for it in 13 years. Imagine if you factored real inflation in, based on m2 money supply which will catch up as velocity of money increases, real inflation since 2000 is around 300% fred.stlouisfed.org/series/M2, which is an average of 6.25% annual inflation. Factoring that in we never came out of recession. Factoring in real inflation we are at least back into the 1990s in terms of gdp. The bad part is that we took on all this debt, all the phony gains disappeared in 1 quarter and we still owe the debt. Obama not only had the weakest recovery ever he had no recovery. Joe Biden is going to be the next president and he will be even worse than Trump on spending and deficits. I wish America would wake up and see that the debt, socialist ideas, and money printing doesn’t work. We need to go back to what we had in the 1920s small government, low taxes, low regulations, gold standard, and a free market.
