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Joe BidenCongratulations to our presumptive Democratic nominee, Joe Biden!
 

BidenBacker

(1,089 posts)
3. Happy Days are Here Again!
Thu Apr 2, 2020, 12:00 PM
Apr 2020

My father was born in 1930 and God willing will live to see his 90th birthday in August. Pop was born during the First Great Republican Depression and I hope he doesn't die during the second one.

What Is a Depression?

https://www.investopedia.com/terms/d/depression.asp

A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or leads to a decline in real gross domestic product (GDP) of at least 10 percent.

Goldman sees unprecedented stop in economic activity, with 2nd quarter GDP contracting 24%

https://www.cnbc.com/2020/03/20/goldman-sees-an-unprecedented-stop-of-economic-activity-with-2nd-quarter-gdp-contracting-by-24percent.html

Goldman Sachs economists forecast a historically sharp and swift recession, with second-quarter GDP sinking a stunning 24% after a 6% decline in the first quarter.

This magnitude of GDP contraction is unprecedented in our history. Even after the stock market crashed in 1929 it took many months and even years for the economy to slowly unwind and reach its worst point circa 1933. Back then was like a slow degenerative disease...what we are experiencing today is more like a sudden heart attack or stroke.

This has never ever happened before so nobody is quite sure what to do about it...least of all our current crop of clueless "leaders". But at least we have some great old songs from the 1930s to fall back on...





Just remember to stay 6' apart in the bread and soup lines, folks.
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

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