Lower Healthcare Spending Just Destroyed America's Economy

Make America Recession Again

America's economy just had its worst quarter since 2008

America's first-quarter GDP, the most expansive measure of the US economy, fell at a 4.8% annualized rate, the US Bureau of Economic Analysis reported on Wednesday.

Much of America's GDP decline was driven by lower-than-usual healthcare spending, as people delayed elective procedures.

The awful first-quarter report was alarming, considering the US economy was humming along in January and February until it came to a screeching halt in mid-March, when businesses shut and stay-at-home orders were put in place across the country. That was enough to offset the economic activity in January and February. The decline was worse than economists had predicted: The Refinitiv consensus forecast was -4%.

"The economy has fallen off the cliff and broken its neck with the only thing consumers are buying are nondurable goods like food and beverages for 'off-premises consumption,'" said MUFG chief financial economist Chris Rupkey.

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