Back in late May, I wrote an article about a top Obama economist predicting that the U.S. would see the “best” “economic data” in its history in the few months preceding the 2020 election. Some economists even predicted the economy to make a “V” shape following the heavy downturn as the pandemic hit and lockdown measures were put into place. Seemingly, the economists were right.
For the months of July, August and September, aka the third-quarter, the GDP grew at an unprecedented 33.1% annualized rate, which is utterly record-shattering. For reference, the previous post-World War II GDP record was in the first quarter of 1950 when the GDP grew at 16.7%.
Unsurprisingly, President Trump’s campaign celebrated this achievement (particularly as it’s so close to the election), saying in a statement:
“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. 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.”
The campaign also noted that Joe 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.”
Director of the U.S. National Economic Council Larry Kudlow also gave great praise for these numbers:
“We’ve never had anything remotely close to this. And let me add, this thing was kicking on all cylinders. Automobile production, for example, up over 1,100 percent in the third quarter, big numbers on consumer spending, big numbers on housing, big numbers on capital equipment machinery and manufacturing and so forth.”
He also noted that inventories were depleted, “so inventories are going to be rebuilt. This quarter the momentum is going into the fourth quarter and will go into 2021, assuming policies are good. This is not a one time in fact this is going to go on. It’s a strong, strong recovery. The V shaped concept that I coined a while back, looking pretty good right now.”
While we are still not quite where we were before the pandemic hit, we are by far the closest to those levels out of any major country which has been severely affected by the Chinese coronavirus.
Comparing the U.S. with all European countries, we are definitely doing the absolute best out of everyone.
Italy is still at -11.2% from where they were economically before the pandemic hit them. Spain is at -10.9%. It’s no coincidence that these are also two of the hardest hit countries in Europe, but consider that the U.S. is number one in number of cases and deaths, with a far bigger population.
The Left can say whatever nonsense statement they want about Trump’s handling of the virus, but I am GLAD that I do not live in these poorly-run nations which are still locking people down and looking to impose even heavier lockdowns.
Out of all European nations, Poland is the closest one to being at pre-pandemic levels, and still, they are behind us at -4.6%.
This, frankly speaking, says plenty about how well Trump is doing at handling the virus and the economy as a whole. Keep in mind that these are the economic numbers we are seeing with states like California and New York basically being tied behind our backs.
In other words, these are the numbers we are seeing WITHOUT two of the most economy-influencing states in the country. New York used to be the financial capital of the world (it ain’t coming back until New Yorkers get rid of the economic policies that the Democrats have implemented which have destroyed the state) and California is also a massive financial center due to Silicon Valley and Hollywood, as well as other things.
Those two states are still imposing huge lockdown measures. Now imagine the numbers we’d be seeing if every state was fully open today. I could hardly imagine how well we’d do, but I believe we would easily get back to either meeting or exceeding pre-pandemic levels.
Also, while in the second quarter a lot of Leftists were blaming Trump for the GDP plunging some 30 percentage points (really, it was 9 points, which is still bad but nowhere near as bad and also it was pretty understandable given the circumstances), I have yet to see any Leftist giving Trump credit for the economy climbing back 33.1% in the third quarter (annualized rate, 7.4% quarterly). While the economy fell 9 points in Q2, it grew this quarter by 7.4. We are still not out of the woods, obviously, but we easily would be if the aforementioned states were reopening as opposed to looking to extend the lockdowns and telling people how many family members people can have for Thanksgiving.
At any rate, we are seeing the “V” shaped recovery that economists were expecting some time ago. It happened a little later than expected, perhaps, but happened nonetheless and this is largely because of the great policies that Trump has implemented (which led to the original economic boom for the first three years of his presidency) and because of some states coming to their senses and realizing that they have to re-open.
And following the election, provided that Trump wins again, we will see these great numbers continue and even improve henceforth. The Democrats will have no real reason to continue with the lockdowns if they are no longer helping them against Trump (they never did help them in that regard, but following a Trump win, they would come to realize this).
The media might still continue reporting on the virus just to have some ammo against Trump (and because Trump keeps saying that they will stop talking about it altogether after he wins, so they will be tempted to “prove him wrong”), but they will move on to other things to try and hurt him. If Trump wins again, their only option for getting rid of him will be through impeachment and removal, so they will begin cooking up another scheme which will undoubtedly fail if they do not have enough votes in either chamber.
So if Trump wins again, prepare yourselves for another round of impeachment b.s., this time for the next four years.
At any rate, it is fantastic that we are seeing these numbers, particularly so close to the election. Trump is rebuilding this economy and we will see even better numbers next quarter and especially the one after that, provided that California and New York (and other states) begin fully reopening.
Here’s hoping Trump wins again so that we may continue the economic boom where we left it off at the beginning of the year.
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