Thursday, 2 April 2020

MAN-MADE CATASTROPHE: Goldman Sachs Revises Numbers - Predicts Economy will Contract by 34% in Second Quarter with 27 Million - 66 Million Lost Jobs!

As reported earlier:

** There were 83,780 Flu-Pneumonia Deaths in US this Season — So far Only 4,059 Coronavirus Deaths in US this Year
** 74-78% of COVID-19 Patients have At Least One Underlying Health Problem
** Sweden Has Lower Number of Coronavirus Cases per Million People than United States — And Sweden Did Not Shut Down Country or Destroy Its Economy 
Now this–
Goldman Sachs has updated its numbers and we are looking at a man-made catastrophe!
The US unemployment rate will rise to 15% from 3% due to the current economic lockdowns.
That means from 27 million to 68 million Americans will lose their jobs.
President Trump needs to quit taking economic advice from doctors.
study by Goldman Sachs in the paper this AM suggests unemployment will be rising to 15% from about 3%.  Based on the number below, those 12 percentage points could lead to an estimated 831,600 suicides.
The Epoch Times reported:
Economic output in the United States will shrink by 34 percent in the second quarter as the CCP virus pandemic delivers a worse-than-expected hit to the economy, Goldman Sachs stated in a new report.
Authored by economist Jan Hatzius, the report lays out a gloomier forecast than the investment bank’s previous report, headlined “A Sudden Stop for the U.S. Economy,” which had predicted a 24 percent tumble in second-quarter gross domestic product (GDP).
The pandemic has caused a greater downturn than expected on services consumption, manufacturing activity, and construction, leading to the revision.
The new report, published March 30 and titled “The Sudden Stop: A Deeper Trough, A Bigger Rebound,” states it is “making further significant adjustments to our GDP and employment estimates. We now forecast real GDP growth of -9 percent in Q1 and -34 percent in Q2 in qoq annualized terms (vs. -6 percent and -24 percent previously) and see the unemployment rate rising to 15 percent by midyear (vs. 9 percent previously),” according to ZeroHedge.
Goldman’s analysis was also reported by The Hill, which further noted that its analysts predict a sharp rebound once the pandemic subsides…
…The economic effect of the CCP virus has shattered records, such as the 3.3 million jobless claims for the week of March 15–21, which was nearly five times higher than the previous record set in 1982.
Goldman’s dismal prediction follows a Federal Reserve estimate that unemployment in the second quarter would range between around 10 percent and 42 percent, with a likely jobless rate of around 32 percent.
The Fed’s “back-of-the-envelope” calculations use two different models to give optimistic and pessimistic estimates, and show a second-quarter jobless rate ranging from 10.5 percent to 40.6 percent, with 27.3 million jobs lost at the lower bound and 66.8 million in the upper limit.

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