by Pam Martens and Russ Martens
Wall Street on Parade
According to the official press briefing transcript on August 8, President Donald Trump explained the stalemate between his administration and the Democrats in passing the latest stimulus bill as follows:
“…what the Democrats primarily want is bailout money. It has nothing to do with the China virus. It has nothing to do with anything that we’ve been talking about over the last period of time. They want to bailout states that have been badly managed by Democrats, badly run by Democrats for many years — and, in fact, in all cases, many decades. And we’re not willing to do that.”
But according to the U.S. Government’s Bureau of Economic Analysis, two of the states making outsized contributions to the GDP of the United States are California and New York. They are just two states out of a total of 50 but together they accounted for $4.87 trillion in GDP in 2019. That’s 22.8 percent of total U.S. GDP of $21.43 trillion in 2019 according to the U.S. Bureau of Economic Analysis.