Democrats have long hoped the economy would collapse giving them an opportunity to push their economic agenda. Instead, the economy has bounced back with a fury.
Real gross domestic product (GDP) increased at a record annual rate of 33.1 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities put on hold by the pandemic, the Bureau of Economic Analysis reported on Thursday.
That compares with a real (inflation-adjusted) GDP decrease of 31.4 percent in the second quarter.
GDP is the value of goods and services produced in the United States, and it is the most popular indicator of the nation’s overall economic health. The 33.1 percent inflation-adjusted increase announced today is an “advance” estimate, based on data that are incomplete or subject to further revision.
The key indicator of an economic rebound comes at an opportune time for President Trump, just days before the presidential election.
“This record economic growth is absolute validation of President Trump’s policies which create jobs and opportunities for Americans in every corner of the country,” Tim Murtaugh, Trump’s campaign communications director, said in a statement released by the White House:
The President built the world’s best economy once and he’s rapidly doing it again, proving that cutting taxes and reducing regulations and red tape clear the way for American ingenuity and our entrepreneurial spirit to thrive.
We have regained more than half of the jobs lost to the global pandemic in less than six months, while it took more than two years to regain half of job losses from a recession while Joe Biden was in charge.
President Trump will continue to safely reopen the country, while Biden is the candidate of lockdowns, inviting another economic shutdown which would devastate working people and cause even more health problems above and beyond what the coronavirus has caused.
Biden has been an economic disaster for nearly five decades in Washington, backing disastrous trade deals and putting China’s interests ahead of American workers. Biden’s plans for a $4 trillion tax increase and Green New Deal regulations on every person, business, building, and farm in the nation would kill this recovery while it’s already in full swing. For voters, the choice is simple: It’s a Trump boom versus a Biden depression.