GDP report shows worst-ever decline
The Commerce Department today reported that Gross Domestic Product shrank by 9.5 percent in the second quarter of the year, and at an annualized rate of 32.9 percent, easily a record in the history of the country. Although most economists say the second quarter numbers are a disaster, they are unlikely to be this bad in the third of fourth quarters, even if the nascent recovery has been thrown into jeopardy. Meanwhile, 1.4 million people filed for unemployment last week, the second week in a row with more than a million applications. Dr. Jack Rasmus, a professor of economics at Saint Mary's College of California and author of “The Scourge of Neo-Liberalism: US Policy from Reagan to Trump,” whose work is at www.jackrasmus.com, joins the show.