2nd Quarter US GDP Collapses & June Rebound Fading

Dr. Rasmus dissects the just released data for US economy’s 2nd quarter GDP stats, confirming his March prediction of W-shape recovery, no V-shape and no 2nd half recovery. The 4 myths are discussed: Fast recovery in 2020; US economy strong in 2019; consumer households were doing great in 2019 and will do again in 3Q20; Congress’s March 2020 Cares Act is enough stimulus. No need to rush to another massive stimulus bill. Review of McConnell Republicans’ HEALsAct vs. Democrats Heroes Act. Two great ‘wild cards’ that could throw the US economy into depression in 2021: Trump generated political-constitutional crisis around Nov. elections + financial instability in 2021 as business and household defaults deepen.