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Help President Trump Stop Joe Biden [ACT NOW]

The American economy is roaring back according to numbers released Thursday showing a record-breaking increase in U.S. gross domestic product of just over 33 percent on an annualized basis for the third quarter of 2020. The numbers are the highest ever recorded, more than double the previous record set back in 1950 while Harry Truman was president.

The surge, which is attributable to the end of lockdowns in the typically referred to “red states” is leading to what appears very much like the V-shaped recovery President Donald J. Trump promised would occur once businesses reopened and people were allowed to go back to work. 

The top Republicans on the House Ways and Means Committee, U.S. Rep. Kevin Brady of Texas, described the news as ratification of Trump and GOP economic policies. After Covid-19 devastated America’s strong economy almost overnight, the Trump economy did the impossible – it battled back with the largest single quarter of economic growth in America’s history. This smashes expectations, beating economists’ original growth estimates by a stunning 400 percent.”

The news is especially bright given that all the growth came in the private sector, with private spending increasing by 40 percent and private investment up by an astounding 83 percent. Growth in the government sector, meanwhile, was slightly down in the third quarter, suggesting the need for additional federal stimulus dollars may be abating. 

According to the Bureau of Economic Analysis, real GDP in the third quarter grew by 7.4 percent, a figure that considerably exceeds even the most favorable market expectations. This follows the sharpest single quarter economic contraction on record in the second quarter of 2020 due to pandemic-induced lockdowns.

The numbers should calm those who fear the economy is on the edge of a recession thanks to the considerable increase in the numbers of people testing positive for the COVID-19 virus. The United States has now, in a single quarter, recovered two-thirds of the economic output lost due to the pandemic-imposed lockdowns imposed by many of the nation’s governors from march onward. By comparison, it took four times as long to regain the same share of lost economic output during the anemic Obama recovery that followed the implosion of the U.S. housing market. 

Real consumer spending rose 8.9 percent — 40.7 percent at an annualized rate — in the third quarter, which is also the largest increase on record. Goods and services both experienced steep increases, suggesting consumer and business confidence is on the rebound and explaining, perhaps, the recent Gallup numbers showing 56 percent of Americans believe they are better off now than they were four years ago. Greater spending on recreation, food, and accommodation services – sectors acutely impacted by lockdowns – alone accounted for one-fifth of total GDP growth in the third quarter.

The government also reports residential investment rose by 12.3 percent – 59.3 percent at an annualized rate – with most of the increase due to real estate commissions generated by rebounding home sales.

The increase in residential investment, the largest since 1983, was echoed somewhat less rosily by an increase in business investment, which rose 4.7 percent — 20.3 percent at an annualized rate — with a steep increase in equipment more than offsetting declines in structures and intellectual property products.

In President Trump’s first three years in office, the economy grew by $310 billion more than what was expected before the 2016 election. In contrast, in Obama-Biden’s second term, the economy grew by $640 billion less than what was expected prior to the 2012 election. “We still have a way to go in our recovery,” Brady said, adding “there is no question Speaker Pelosi is working to sabotage America’s economy ahead of the election. But look at the contrast — the worst economic recovery in our lifetimes under Obama-Biden, the strongest labor market recovery from an economic crisis under President Trump.

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Help President Trump Stop Joe Biden [ACT NOW]

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Farmerjoe
Farmerjoe
13 days ago

Anyone who reads this and then still votes for Biden is doing so purely out of hate ! We have not seen employment numbers and growth number like these in many many years ! Why would any American possible hate America bad enough to vote this President out of office?

Jean
Jean
13 days ago
Reply to  Farmerjoe

ANSWER: DUMBOCRAP SOCIALIST COMMUNIST ANTIFA FOOT SOLDIERS, DUMBOCRAPS, SOCIALISTS, COMMUNIST…..LIBERALS, PROGRESSIVES, HOLLYWOOD HYPOCRITES with their high wall mansions, GOOGLE, FACEBOOK, TWITTER RADICALS….SOROS, RUSSIA, CHINESE WITH THEIR SPIES AND HACKERS. CHINESE FUNDED SCHOOLS, COLLEGES, UNIVERSITIES AND THE LIBERAL TEACHER UNIONS…,The DUMBOCRAPS in the SENATE, Congress. I guess that will do for a start. There are more to be sure but this covers most of the BIG BOYS AND GIRLS…Sad…So sad….

Tig
Tig
13 days ago
Reply to  Farmerjoe

My personal opinion is that people are not voting FOR Biden. I think hate-filled people are voting Against Trump. That would explain why no one is showing up for Biden or Harris. I mean their security, teams and MSM outnumber their supporters.

Mason
Mason
13 days ago
Reply to  Tig

“My personal opinion is that people are not voting FOR Biden. I think hate-filled people are voting Against Trump.” I agree. Although I have and will vote for The Donald, I can’t un-hear his rude and crude comments about handicapped, women, and certain veterans. His bombastic behavior is why so many women have TDS. He’s cleaned it up a lot these past 3 years, but still, I can’t un-hear it. He is his biggest enemy.

James
James
13 days ago
Reply to  Mason

Unfortunately, we only have two choices: Trump who is personally unattractive or Biden (really Harris, since Biden won’t last long) who is politically frightening. See, https://video.twimg.com/ext_tw_video/1320395318253527041/pu/vid/1280×720/jNdTkmgeQwoZBNiq.mp4?tag=10 

Dominic Pasquarosa
Dominic Pasquarosa
13 days ago
Reply to  Farmerjoe

Because it’s easier to be bad and choose wrong…..especially when it comes to hating Pres. Trump.

Tig
Tig
13 days ago

HAHAHA. I’m sorry, I know we shouldn’t laugh at the Left, but that is such great news. Even with all the things they did to stop him. HE STILL MADE AMERICA GREAT AGAIN. YES….

Joey Baloney
Joey Baloney
13 days ago

Piglosy is trying to take credit for this by saying it only happened because of her CARES act, which is total bs, but the weak minded sycophants will believe her