Chart of the Day: GDP Plummets in Q2

GDP plummeted 9.5 percent in the second quarter of the year, an annualized rate of 32.9 percent. Just in case that’s not dramatic enough for you, here’s a view of GDP that you don’t normally see:

The reason you seldom see this view of raw GDP is that even big drops barely show up. The 1980 recession is hardly visible and even the 2008 Great Recession looks pretty puny. It’s just a nice, steady march of trendline growth until 2020. The coronavirus recession is the first in 90 years to be so big that it’s visible from outer space, so to speak.

I used to take solace from the fact that this drop was deliberately manufactured, which meant it could be deliberately remedied when the coronavirus was under control. Little did I know that our president had no real interest in controlling the virus and Republicans had no real interest in keeping the country afloat in the meantime. There is going to be tremendous suffering over the next year.

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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