UNITED STATES—On October 29, economic reports were released showing the real GDP has grown at an annualized rate of 33.1 percent for the third quarter of 2020 surpassing expectations. The GDP surge nearly doubles the previous record set 70 years ago.
The U.S. Bureau of Labor Statistics reported an increase of 11.4 jobs in five months. The White House Press Secretary, Kayleigh McEnany, confirmed the upsurge in the economy for the third quarter.
The Wall Street Journal reports economic security equal to National security. A great GDP for the U.S. today (up over 30 percent) projected by the WSJ is higher than Europe
“Thanks to President Trump’s leadership, America has the most resilient economy in the world. This morning, we learned that the economy grew 33.1% on an annualized basis in a single quarter, by far the largest in recorded history,” said McEnany. “The United States has now regained the majority of its pandemic-related loss of output, and we are exceeding all of the experts’ expectations. This super V-shaped recovery is even stronger than the headline figures suggest. The economy is firing on all cylinders: consumption rose 41 percent last quarter, housing was up 59 percent, and private business investment soared 83 percent. If that was not enough, automobile output increased by nearly 1,200 percent. That is not a typo.”
McEnany indicated that the reason for the quick economic recovery is due to President Trump’s policies for low taxes, deregulation, improved trade regulations, and energy independents. “Our country will soon regain its standing as the strongest most inclusive economy ever,” McEnany added.
“While the pandemic hit every major economy around the world, the United States experienced the least severe economic contraction of any major western economy in the first half of 2020, with the Euro Area economy’s contraction being 1.5 times as severe as the contraction of the U.S. Economy,” wrote the Council of Economic Advisers.
President Trump remains under public scrutiny for opening the economy early in the midst of a pandemic. Retail sales have risen above pre-pandemic levels. Both construction and manufacturing jobs have reportedly returned to their former, while business activity is at a 20-month high.
Jobless claims have fallen to the lowest this week since the start of the pandemic. During COVID shutdowns, the Trump administration initiated the CARES Act and the Paycheck Protection Plan to save jobs, extended supplemental unemployment benefits, stall student loan payments, and stop evictions.
Vice President Mike Pence reminded supporters that Joe Biden would, “Shut it down,” but we’re not going to let that happen!!”
According to an October 2020, Gallup poll, 56 percent of voters indicated they are better off now than they were four years ago under the Obama-Biden administration.