From FoxBusiness.com….
No one knows for sure what the state of the American economy will be one year from now, but the existing evidence all points in one direction: disaster.
During the widespread rollout of the COVID-19 vaccines, countless economic analysts predicted the remainder of 2021 would be marked by rapid economic growth. The most popular theory was that as the economy reopened, pent-up economic demand would lead to a surge of activity, driving expansion at a record pace.
However, despite extremely low levels of deaths related to COVID-19, new data from the federal government suggests the economy grew at a much slower pace than expected in the second quarter of 2021.
Many analysts were predicting 8.5% growth, but a report from the Commerce Department estimated gross domestic product improved by just 6.5%, a 26% difference. The Commerce Department also slightly revised down its estimates for first-quarter GDP growth, from 6.4% to 6.3%.
