[ April 23, 2024 ]
The choice could not be more clear — The Trump recovery or Biden’s “dark winter.”
US Economy Reports Record-breaking Growth in Third Quarter
The Department of Commerce announced Thursday that U.S. economic output in the third quarter grew by 33.1 percent, the largest expansion on record, after falling by 31.4 percent in the second quarter, the largest shrinkage on record.
By: Tom Ozimek, The Epoch Times, October 29, 2020:
Story continues below advertisementIn a release detailing the agency’s “advance” estimate for third-quarter gross domestic product (GDP), the Commerce Department noted, as is standard practice, that the number is subject to a follow-up revision, to be published on Nov. 25.
The Commerce Department said the record rebound reflects the reopening of the economy and resumption of business activity following lockdowns spurred by the outbreak of the CCP (Chinese Communist Party) virus.
“The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19,” the agency stated.
Tim Murtaugh, communications director for the campaign to re-elect President Donald Trump, said in a statement that the record economic rebound is a “validation of President Trump’s policies which create jobs and opportunities for Americans in every corner of the country.”
Murtaugh highlighted the Trump administration’s policy of “cutting taxes and reducing regulations and red tape,” which he said, “clear the way for American ingenuity and our entrepreneurial spirit to thrive.”
Still, while the economy recovered a large portion of outbreak-related losses, it remains below pre-pandemic levels.
“The rebound in Q3 GDP must be viewed in the context of the expectation that the full year will likely still see a contraction, once the final figures are in,” Bankrate.com senior economic analyst Mark Hamrick said in a statement to The Epoch Times.
Market analyst Sven Henrich noted in a tweet, “33.1 [percent] GDP. Congrats. 45.7 [percent] was needed to break even,” adding in a separate message, “Still 3/4 of a million claims.”
Henrich was referring to a separate report from the Labor Department on Thursday (pdf) showed 751,000 people filed for state unemployment benefits in the week ending Oct. 24, a drop of 40,000 from the previous week and the lowest since the pandemic delivered its colossal blow to the economy in March.
Weekly jobless claims hit a record 6.867 million in March and, aside from several upticks, have fallen ever since. Still, they remain above their 665,000 peak seen during the 2007–09 Great Recession. Also, just over half of the 22.2 million jobs lost during the pandemic have been recouped.
“New unemployment claims are lower, but hardly in the realm where we can take a great deal of reassurance from the present situation or near-term outlook. There are still some 22.6 million individuals receiving some form of unemployment compensation in the latest week, enough to fill a major American city,” Hamrick told The Epoch Times.
The Commerce Department GDP report also noted that disposable personal income fell by $636.7 billion, or 13.2 percent, in the third quarter, after surging by $1.6 trillion, or 44.3 percent in the second quarter, driven by historic levels of federal stimulus. At the same time, personal savings fell to $2.78 trillion in the third quarter from $4.71 trillion in the preceding quarter. Both figures suggest a drag on consumer spending, which is a major driver of the economy.
“There’s a high level of uncertainty associated with growth in the current quarter, including the risk that consumers opt to spend more time in their homes, and less money out and about, in the coming weeks to avoid the virus. Growth remains lower than where it ended 2019, which means it isn’t yet time to hang the mission accomplished banner,” Hamrick said in his statement.
In the campaign statement, Murtaugh cast the election as a choice between “a Trump boom versus a Biden depression.”
Trump, in a video message Thursday, said, “the really big factor in this election is the fact that Joe Biden and Kamala want to raise your taxes and raise them like nobody’s ever been raised before,” adding that what is estimated to be around a $4 trillion tax hike over 10 years would “drive our country into depression.”
The Truth Must be Told
Your contribution supports independent journalism
Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.
Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.
Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.
Please contribute here.
or
Make a monthly commitment to support The Geller Report – choose the option that suits you best.
Quick note: We cannot do this without your support. Fact. Our work is made possible by you and only you. We receive no grants, government handouts, or major funding.Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here.
Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America's survival. Share our posts on your social channels and with your email contacts. Fight the great fight.
Follow Pamela Geller on Gettr. I am there. click here.
Follow Pamela Geller on Trump's social media platform, Truth Social. It's open and free.
Remember, YOU make the work possible. If you can, please contribute to Geller Report.
Join The Conversation. Leave a Comment.
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the - symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.
If you would like to join the conversation, but don't have an account, you can sign up for one right here.
If you are having problems leaving a comment, it's likely because you are using an ad blocker, something that break ads, of course, but also breaks the comments section of our site. If you are using an ad blocker, and would like to share your thoughts, please disable your ad blocker. We look forward to seeing your comments below.
9 Comments
3 years ago
3 years ago
Reply to
AR154U☑ᵀʳᵘᵐᵖ DEPLORABLE 2020
Wait Wait Wait…………………obammmama is say that He and Joe made the economy great again.
How could it be Trump???
3 years ago
It was…………………………
……………………………..obamma magic wand.
obama will tell you that he, obamma, is responsible for the good economy now after obammmam said Trump had no way of making America great.
3 years ago
Knowledge is Power.
Facebook, Tweeter and the rest want to keep America stupid so they have no power.
3 years ago
Reply to
Wingnut
The mods here say Obama’s hacking Pam Geller and deleting the posts.
Watch out.
Trolls are trolling here and it’s just five days till the end and we lock up Obama for his fraud/fake birth certificate. Lock up Obama for life for being evil and the Antichrist aka Satan-in-Person, The Devil!
3 years ago
Don’t worry…if the libturd dumocrpa moronic criminals get voted in the GDP will be -33.1% or more!!!!!! When the taxpayer has no earnings to tax then how will the dumocrap voters get their EBT????
3 years ago
If Biden wins this election debacle the only thing up in a year will be the soaring SUICIDE Rate!!!
