US economy delivers “worst report card” in 74 years

On January 28 local time, data released by the US Department of Commerce showed that the US gross domestic product (GDP) shrank by 3.5% in 2020, which is the “worst report card” of the US economy since 1946;. Consumer spending, which accounts for more than two-thirds of the U.S. economy, has plummeted by 3.9% in 2020, the worst performance since 1932, Reuters reported Tuesday. The voice of America (VOA) reported on the same day that in the past 10 months, the number of weekly jobless claims has exceeded the highest level between 1960 and the new crown pandemic. Behind the sharp decline in economic data, the cruel reality of & lt; folding the United States & gt;, makes the American people deeply feel the pain. On the one hand, a joint study by economists from the University of Chicago and Notre Dame found that under the influence of the epidemic, the poverty rate in the United States increased by 2.4% in the second half of 2020, reaching a 50 year high. According to the report of “support America”, the largest anti hunger organization in the United States, by the end of 2020, the number of people in the United States facing food shortage has reached 50 million. On the other hand, according to a report released on the 26th by the US think tank, the wealth of US billionaires has soared by nearly 40% since mid March 2020. The wealth of 660 US billionaires is US $4.1 trillion, two thirds more than that of the bottom 50% of the US population. Thomas Friedman, an American economist, lamented in an article in the New York Times on the 26th: we are caught in a pandemic that has destroyed jobs and small businesses, while the stock market is soaring. It shouldn’t be. The worst economic performance of the world’s top developed countries in 74 years is causing more and more worries and reflections. On January 26, after swearing in as the 78th U.S. Treasury Secretary, Janet & middot; Yellen wrote a letter to more than 80000 Treasury Department civil servants, in which she wrote: “this crisis is obviously different from 2008. It’s not only bigger than it is, it’s devastating. &On the 27th, US Federal Reserve Chairman Colin Powell warned that the US economy is still a long way from full recovery;. NPR reported 28 days of the US report that the third quarter’s economic recovery was unable to offset the epidemic. The continued spread of COVID-19 made the US’s fourth quarter economic growth &ldquo, teeter &rdquo. Today, COVID-19 &ldquo every day; kill ” 4000 Americans, which makes us economic activity likely to weaken in the next few months. &”3.5% & quot; is not only a low point on the U.S. economic curve, but also an unforgettable pain for the American people who are trapped by unemployment, famine and death. The new crown vaccine began to be distributed, and people said on social media: “there is light at the end of the tunnel. &It’s just that when the average daily death rate in the United States continues to exceed 3000, and the rich’s wallets are getting bigger and bigger in the epidemic, no one knows how far away it is from the end. Planning / Niu Ning reviser / Mao Li copywriter / Ren Tianxuan translator / Ren Tianxuan anchor / Ren Tianxuan later / Zhao Yichen

On January 28 local time, data released by the US Department of Commerce showed that the US gross domestic product (GDP) shrank by 3.5% in 2020, which is the “worst report card” of the US economy since 1946;.

Consumer spending, which accounts for more than two-thirds of the U.S. economy, has plummeted by 3.9% in 2020, the worst performance since 1932, Reuters reported Tuesday. The voice of America (VOA) reported on the same day that in the past 10 months, the number of weekly jobless claims has exceeded the highest level between 1960 and the new crown pandemic.

Behind the sharp decline in economic data, the cruel reality of & lt; folding the United States & gt;, makes the American people deeply feel the pain.

On the one hand, a joint study by economists from the University of Chicago and Notre Dame found that under the influence of the epidemic, the poverty rate in the United States increased by 2.4% in the second half of 2020, reaching a 50 year high. According to the report of “support America”, the largest anti hunger organization in the United States, by the end of 2020, the number of people in the United States facing food shortage has reached 50 million.

On the other hand, according to a report released on the 26th by the US think tank, the wealth of US billionaires has soared by nearly 40% since mid March 2020. The wealth of 660 US billionaires is US $4.1 trillion, two thirds more than that of the bottom 50% of the US population.

Thomas Friedman, an American economist, lamented in an article in the New York Times on the 26th: we are caught in a pandemic that has destroyed jobs and small businesses, while the stock market is soaring. It shouldn’t be.

The worst economic performance of the world’s top developed countries in 74 years is causing more and more worries and reflections. On January 26, after swearing in as the 78th U.S. Treasury Secretary, Janet & middot; Yellen wrote a letter to more than 80000 Treasury Department civil servants, in which she wrote: “this crisis is obviously different from 2008. It’s not only bigger than it is, it’s devastating. &On the 27th, US Federal Reserve Chairman Colin Powell warned that the US economy is still a long way from full recovery;.

NPR reported 28 days of the US report that the third quarter’s economic recovery was unable to offset the epidemic. The continued spread of COVID-19 made the US’s fourth quarter economic growth &ldquo, teeter &rdquo. Today, COVID-19 &ldquo every day; kill ” 4000 Americans, which makes us economic activity likely to weaken in the next few months.

&”3.5% & quot; is not only a low point on the U.S. economic curve, but also an unforgettable pain for the American people who are trapped by unemployment, famine and death. The new crown vaccine began to be distributed, and people said on social media: “there is light at the end of the tunnel. &It’s just that when the average daily death rate in the United States continues to exceed 3000, and the rich’s wallets are getting bigger and bigger in the epidemic, no one knows how far away it is from the end.

Planning / Niu Ning

Reviser / Mao Li

Copywriting / natural selection

Translation / natural selection

Anchor / natural selection

Later period / Zhao Yichen

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