It’s official: Q2 GDP shrank by 9.5% (or an annualized rate of 32.9%) — by far the worst quarterly drop on record.

Business investment plummeted
Consumer spending on services plummeted

Gov’t spending was one of the only positives in the quarter.https://t.co/YuwTQJHeT5

— Heather Long (@byHeatherLong) July 30, 2020

The bulk of this historic GDP decline came from a massive 10% drop in consumer spending, esp. services.

Consumer spending on services: -13%
Consumer spending on goods: -3%
Business investment: -7.5%https://t.co/YuwTQJHeT5

— Heather Long (@byHeatherLong) July 30, 2020

This recession is already deep. If Congress fails to act, a lot of damage could be permanent. Via ⁦@byHeatherLong⁩ https://t.co/YMUIXTK4b4

— Erica Werner (@ericawerner) July 30, 2020

Republicans are determined to crater the economy.