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Illustration: Aïda Amer/Axios

Somewhat forgotten in the evaluation of the current state of the U.S. economy is the ongoing debacle at Boeing, a flagship American company whose production shutdown led to the New York Fed estimating it would shave 20% off of 2020's GDP growth — and this was before the coronavirus outbreak. Things could be getting worse for Boeing.

Driving the news: A report is due this week from airline safety investigators to coincide with the one-year anniversary of the Ethiopian Airlines crash that was the second in six months for Boeing's 737 MAX jets.

  • On Friday, the House Transportation and Infrastructure Committee released its report outlining a laundry list of Boeing's reckless and unforced errors that led to the two plane crashes and the deaths of 346 people.
  • Over the weekend, co-CEO Dave Calhoun backtracked from a scathing New York Times interview bashing his predecessor that could land him and more top execs in front of lawmakers for congressional hearings.

Why it matters: Boeing is the largest manufacturing exporter in the U.S. and a major employer. Its products cost hundreds of millions of dollars and require thousands of suppliers, some of whom count Boeing as their sole client.

  • Boeing had to reduce production last year amid a recession in U.S. manufacturing and declining business investment that economists and industry insiders expected to bounce back this year.
  • The Council of Economic Advisers estimated that the slowdown cut U.S. GDP in Q2 2019 by 0.4 percentage points, so its outright production halt through Q1 2020 and possibly longer could deliver a much worse financial shock.

What's happening: Friday’s congressional report detailed Boeing’s efforts to avoid putting pilots through flight-simulator training to save money, and alleged that the company's penny-pinching was pervasive, stretching across engineering, marketing and management.

  • The report said this resulted in the company misleading or withholding information from FAA officials.
  • Both crashes occurred after pilots were unable to undo the automated flight-control feature that they were supposed to be trained on when it misfired repeatedly and pushed down the nose of their plane leading to the crash, WSJ reported.

The bottom line: The U.S. economy needs Boeing to get back on its feet, but the widespread malfeasance detailed in the report could mean it stays grounded for even longer as a further spate of government hearings and investigations unfold.

Go deeper: New Boeing CEO criticizes predecessor, looks to future

Go deeper

Rep. Rice demands Cuomo resign after third woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

51 mins ago - Politics & Policy

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.