Posted on 10/29/2020 7:26:05 AM PDT by Oldeconomybuyer
The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter - by far the largest quarterly gain on record - rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.
Yet the recovery from the deepest recession since the Great Depression of the 1930s remains far from complete. The Commerce Department’s estimate Thursday of third-quarter growth regained only about two-thirds of the output that was lost early this year when the economy essentially froze as safety orders forced restaurants, bars and many retailers to shut down.
The economy is now weakening again and facing renewed threats. Confirmed viral cases are surging. Hiring has sagged. Government stimulus has run out. With no further federal aid in sight this year, Goldman Sachs has slashed its growth forecast for the current fourth quarter to a 3% annual rate from 6%.
Overhanging the economy now are growing uncertainty and worry as a resurgence of the virus raises the prospect of new lockdowns and threatens the economy, especially without more federal help.
In the United States, where nearly every state is suffering from a rise in cases, Gov. Tony Evers of Wisconsin, one of the hardest-hit states, has pleaded with people to stay home. Gov. J.B. Pritzker of Illinois has banned indoor dining and drinking in Chicago and limited the size of gatherings in response to a surge in cases.
(Excerpt) Read more at apnews.com ...
Yeah, why would anyone expect the recovery to be “complete” at this point?
33% growth recovery is enormous.
Why is Trump being blamed for Covid surges in Europe? The Europeans did everything the ‘rats said Trump should have done.
FUAP
If Trump wins, dem governors will be pushing shutdowns. If Biden wins, they’ll let the economy open so that he get credit.
AP are a bunch of leftwing idiots. I knew Trump hating liberals would say the numbers don’t mean squat or that Trump in some way faked them. But CNN and PMSNBC and other media networks of course had ignored the numbers.
At some point, states will have to open up. They can’t print money like the feds and Trump has announced that he will not be bailing out poorly run states.
Biden and his Marxist puppet masters could and would crush it in 24 hours or less.
40% of the American people live in Democrat controlled states that still have significant Covid restrictions. The recovery is being driven by Red States and is absolutely phenomenal given that the virus is still circulating, and that Blue states are intentionally attempting to sabotage the recovery.
Imagine if a similar recovery had occurred in 2009 (Spoiler: didn’t happen in 8 years much less six months). The word “but” wouldn’t have appeared as this article declared it a miracle more impressive than the parting of the Red Sea.
Yeah, why would anyone expect the recovery to be “complete” at this point?
33% growth recovery is enormous.
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wonder what the recovery could be if NY, Cali, MI & PA had opened up their economies?
both NY & CA > 9-10% of GDP on their own
Once again the “media”(D) are in unison with their “but it sucks” message.
The recovery will be complete in the first quarter of 2021. But only if Trump returns to office, and can bring a Republican majority to both the House and Senate.
Should Harris/Biden win, and the Republicans become the minority party in BOTH Houses of Congress, the recession will return with a vengeance, and become a full-blown depression, far surpassing the “Great Depression”, which was greatly exacerbated by the introduction of the FDR “New Deal”.
Only the coming of the Second World War ended that economic chaos, and that only because it was a shock treatment for the people of America.
You got to love this.
“300 lb. man loses 100 lbs. but remains overweight.” vs. “Man loses 100 lbs. in milestone to overcome obesity.”
The stocks dropped on friday. I would have thought they would go up on the great news. I figure that wall street wants biden in office and is manipulating the market trying to scare people to vote for him. How they figure he is good for the economy is beyond me.
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