TYSON HAS LONG BEEN IDENTIFED WITH THE DEMOCRAT PARTY FOR OBVIOUS REASONS.
Tyson Foods Faces Boycott After Firing 1,200 Americans, ‘Would Like to Employ’ 42,000 Migrants - AND BIDEN - MAYORKAS - SCHUMER HAVE USHERED OVER THE BORDER 15 MILLION TO PICK FROM.
Europe’s economy cracked under the pressure of lockdowns to stem the spread of the coronavirus, giving way to declines far more severe than the record-breaking contraction in the United States.
The eurozone’s gross domestic product plunged 40.3 percent on an annual basis, far exceeding the 32.9% contraction in the U.S. economy over the same period, according to data released Friday. On the quarterly basis customarily used in Europe, the economy declined 12.1 percent—which compares with the stand alone quarterly decline of 9.5 percent in the U.S.
A day earlier, German authorities said their country’s GDP fell by 10.1 percent for the quarter, which is 34.7 percent on an annual basis.
The lockdowns were more severe in France and Italy, largely because authorities were late to react to surges in coronavirus deaths, and weighed more heavily on their economies. Italy’s GDP fell by 12.4 percent for the quarter. France’s fell by 13.8 percent.
“GDP’s negative developments in first half of 2020 is linked to the shutdown of ‘non-essential’ activities in the context of the implementation of the lockdown between mid-March and the beginning of May,” the French economics statistics agency said in a statement.
The agency also revised the first-quarter data to a 5.9-percent contraction from the 5.3 percent it had previously estimated. France’s economy has now contracted for three consecutive quarters.
Spain’s GDP contracted 18.5 percent compared with the prior quarter. Austria’s fell 10.7 percent. Belgium’s GDP sank 12.2 percent. Portugal’s economy sank 14.1 percent.
European governments typically report their economic growth as a change in GDP from the prior quarter. The United States, on the other hand, reports an annualized change from the prior quarter, which means the figure is an extrapolation of what would happen if the economy grew or contracted at the same rate for a full year. Except where noted, this article uses the European method to report GDP growth.
A third way of measuring growth or contraction is to compare the economy’s output from the same quarter one year ago. On this basis, the U.S. economy shrank 9.5 percent. Germany’s shrank 11.7 percent. France’s economy shrank 19 percent. Spain’s 22.1 percent. Belgium’s 14.5 percent. Italy’s 17.3 percent. Austria’s 13.3 percent.
The Eurozone economy overall was 15 percent smaller than a year ago.
The eurozone’s unemployment rate climbed to 7.8 percent in June from a low of 7.2 percent earlier this year, much lower than the 11.1 percent unemployment rate in the U.S. Many European workers are protected by job protection schemes run by the government, including job-furlough programs in which the government pays employers to keep workers on the books.
Most economists think that Europe’s economy has begun to recover, and may even have started pulling ahead of the U.S. in recent months thanks to new surges of the virus in the U.S. But few expect that Europe’s full-year growth rates in 2020 will exceed the U.S.’s given the severity of the European contraction.
The deep contractions across undermines the claims by Americans such as CNN anchor Chris Cuomo and many Democrat officials that the U.S. economy has suffered because of the way President Donald Trump has handled the pandemic. On Thursday, Cuomo falsely claimed Trump’s leadership had resulted in the U.S. economy shrinking more than the German economy.
Fact Check: Chris Cuomo Says U.S. GDP Shrank More Than Germany’s
CNN anchor Chris Cuomo claimed on Thursday night that the U.S. economy had contracted by more than the German economy, which he blamed on President Donald Trump’s ‘mishandling’ of the pandemic.
CLAIM: “We were down almost 33%, and of course, the reason is COVID. But it’s how this president mishandled COVID. What’s the proof? Lots of countries are dealing with COVID, right? Why are we down almost a third of our GDP growth, and yet Germany was down 10%?”
"Pay no mind to the President's 'delay the election' flash bangs to disorient you," says @ChrisCuomo as Pres. Trump floats the idea of a delayed election.
"He knows that his mishandling of this pandemic…[and] the economy as a result, has him losing this election right now." pic.twitter.com/QZ3ePgsY6z
The U.S. economy did not shrink by more than the German economy.
The U.S. Bureau of Economic Analysis reported Thursday that economy contracted at nearly a 33 percent annualized rate. Germany’s government reported that its economy contracted 10.1 percent from the previous quarter.
These two figures cannot, however, be directly compared because the U.S. GDP is an annualized figure and the German figure is not annualized. The U.S. is almost alone in the world in releasing its official GDP figures on an annualized basis. So to make and apples-to-apples comparison, you have to do a bit of recalculation.
The German economy contracted on 34.7 percent when annualized—slightly more than the 32.9 percent contraction in the U.S.
If the U.S. GDP is measures in the European fashion, it contracted 9.5 percent—slightly better than Germany’s 10.1 percent.
Cuomo was eager to pin the difference in economic performance on President Trump when he thought the U.S. was lagging. Time will tell if he now credits Trump with the superior economy.
Cuomo’s claim that the U.S. economy is down by almost a third is also misleading, resembling the false claim by Brian Williams made on MSNBC the very same night.
ON THE STATE LEVEL ALONE, CA HANDS ILLEGALS $35 BILLION YEARLY. NOW ADD ALL THE COUNTY COSTS STARTING WITH LOS ANGELES COUNTY AT ONE BILLION PER YEARS FOR LA RAZA'S ANCHOR BABIES.
As Breitbart News has reported, U.S. households headed by foreign-born residents use nearly twice the welfare of households headed by native-born Americans.
Every year the U.S. admits more than 1.5 million foreign nationals, with the vast majority deriving from chain migration. In 2017, the foreign-born population reached a record high of 44.5 million. By 2023, the Center for Immigration Studies estimates that the legal and illegal immigrant population of the U.S. will make up nearly 15 percent of the entire U.S. population.
California Democrats Propose Raising Top State Tax Rate to 16.8%
California Democrats are planning to raise the state’s highest-in-the-nation tax rates even higher this month, hiking the top rate in the state to 16.8%.
The San Francisco Chronicle reported Friday:
A bill introduced in the Legislature this week would raise California’s top personal income tax rate — already the highest in the nation at 13.3% — to 16.8%, retroactively to Jan. 1.
To take effect this year, the bill would need to be approved by two-thirds of the Legislature before they adjourn Aug. 31. The Senate Governance and Finance committee will hear testimony on the bill Monday morning, but won’t vote on it. It would need additional action to move forward.
AB1253 would add a surcharge of 1% to incomes (joint or single) between roughly $1 million and $2 million, 3% on income between $2 million and $5 million, and 3.5% on income greater than $5 million, bringing the top rate to 16.8%. (The tax would actually take effect at somewhat higher incomes because of inflation adjustments.)
The funds to be raised would not be earmarked for any specific purpose, but sponsor State Sen. David Chiu (D-San Francisco) said that the money could be used for “affordable housing, the homeless, child care and education,” the Chronicle reported.
The state raised taxes on the wealthy to 13.3% in Proposition 30, which was sold by then-Gov. Jerry Brown to voters as being “temporary,” and necessary for education funding. Democrats extended those “temporary” taxes to 2030 with a ballot referendum, Proposition 55.
The effects of the income tax hike were missed. Some high-income earners left the state, though not as many as critics predicted. Businesses continued to leave the state, but that was also the result of other factors, particularly the state’s regulatory environment.
Democrats also raised gas taxes in 2017, defeating an effort to overturn the tax increase with Proposition 6 in 2018, which state Attorney General Xavier Becerra slapped with a deceptive ballot description that helped ensure the gas tax remained.
Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). His new book, RED NOVEMBER, tells the story of the 2020 Democratic presidential primary from a conservative perspective. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.