National Economic Council Director Larry Kudlow argues the worst of the coronavirus pandemic is over and the U.S. economy is getting ready to reopen. Kudlow outlines the scale of the current economic relief package how any further discussion should focus on policies to launch the economic recovery.
The Bureau of Economic Analysis (BEA) released the first quarter Gross Domestic Product (GDP) advanced estimate and the result is a 4.8% decline in economic activity. [BEA Here]
The revised fourth quarter GDP shows the economy was growing at 2.1 percent prior to the COVID-19 shutdown. The severity of the change in GDP reflects a severe drop in consumer spending, essentially bringing the economy to a halt in March as the entire nation went into lock-down. As the BEA explains:
The decline in first quarter GDP was, in part, due to the response to the spread of COVID-19, as governments issued “stay-at-home” orders in March. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending.
The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. (more)
Digging down into the details the data shows what we all have seen. There is some specific data that is noteworthy in the tables.
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Kayleigh McEnany Twitter @PressSec
Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.
For Thine is the kingdom and the power and the glory, forever and ever. Amen †
Sometimes a special message needs a special messenger. Today, amid the anxiety and stress created by the coronavirus pandemic, a very special messenger named Michael visited the White House and delivered a very important message to everyone:
…”At Bitty and Beaus we like to use the phrase ‘not broken’. That means me and all my important co-workers are not broken, and we have lots to offer. I know the great country of the United States isn’t broken either.”… ~ Michael
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Indeed, this too shall pass.
Thank you Michael; thank you.
With congress saying they will not be returning to work next week, it appears Kentucky representative Thomas Massie has decided to use the opportunity to expose Washington DC’s biggest secret. Something 99% of American voters do not understand:
Oh dear, he’s telling secrets. You see, congress doesn’t actually write legislation. The last item of legislation written by congress was sometime around the mid 1990’s. Modern legislation is sub-contracted to K-Street. Lobbyists write the laws; congress sells the laws; lobbyists then pay congress commissions for passing their laws. That’s the modern legislative business in DC.
CTH often describes the background DC motives with the phrase: “There are Trillions at Stake.” The process of creating legislation is behind that phrase. DC politics is not quite based on the ideas that frame most voter’s reference points.
With people taking notice of DC politics for the first time; and with people not as familiar with the purpose of DC politics; perhaps it is valuable to provide clarity.
Earlier this evening Fox Business News host Lou Dobbs interviewed Michael Flynn’s defense attorney Sidney Powell about the status of the case. Great Interview:
There is a tremendous amount of information and misinformation surrounding the current status of protein processing within the meat industry. Most of the misinformation comes from many people not understanding the total food supply-chain and how it works.
First, there is no shortage of meat protein products: beef, pork and chicken at the farm level. However, the problems arise within processing, manufacturing and more importantly binding legal contracts and liabilities within the supply-chain. Additionally, there are national and multinational aspects to the protein food supply.
Today President Trump remarked the White House and Dept of Agriculture are drawing up a plan for the president to invoke the defense production act as a tool to cut through some of the liabilities present within the supply-chain dynamic. Let’s use cattle to explain.
Because beef is a “graded” commodity, there are contracts for purchase within the supply chain. USDA Prime, USDA Choice and USDA Select are three well known grades of beef. However, there are eight grades total: prime, choice, select, standard, commercial, utility, cutter and canner.
Within the total food supply there are contracts for exclusive product purchasing in both the commercial and consumer side of the food supply. Additionally, the commercial side breaks down into ‘food-away-from-home’ (ie. restaurants), and manufactured food.
Interesting timing all things considered…. Michael Flynn removed and replaced his prior legal defense counsel, Covington & Burling, after asserting their ineffective and legally conflicted representation. [NOTE: former U.S. Attorney General Eric Holder is a partner at Covington & Burling.] As a result of Sidney Powell taking over the Flynn defense, his prior counsel was supposed to turn over all client materials and evidence in the case.
After some recent jaw-dropping revelations in the case; which may include evidence highlighting how the FBI participated in framing Michael Flynn; and certainly contains evidence of an unethical prosecutorial agreement with the former defense counsel, to coerce a guilty plea by threatening to arrest Michael Flynn Jr; suddenly today Covington & Burling discover an additional 6,800 pages of evidence they conspicuously omitted.
The timing is very sketchy and Judge Sullivan does not appear amused. After receiving the supplemental notice of case material transfer (full pdf below) Judge Sullivan issues an order to the Covington law firm to re-re-review all of their case files and file a notice of compliance by Monday May 4th.
Judge Sullivan has been very favorable to the position of the justice department throughout the case, but it appears even he is starting to question all of these “unintentional” miscommunications and material coincidences that paint a very challenging picture for the prosecution to explain.
President Donald Trump delivers remarks from the East Room of the White House on the Paycheck Protection Program, part of coronavirus relief package known as the CARES Act, that is set up to help small businesses continue to operate and pay employees during the economic downturn caused by the COVID-19 pandemic.
UPDATE: Video and Transcript Added
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[Transcript] – THE PRESIDENT: Well, thank you very much everyone. This is a great honor. And I see you have social distance on your mind and that’s a very good thing. Jovita, congratulations. Tremendous job you’re doing.
I want to thank everyone for being at the White House — a very special house, a very special place. No matter where you go in the world, they love the White House. And being here in the East Room of the White House in particular, where so many important functions have taken place over the years.