Posted on 10/29/2020 6:08:05 AM PDT by knighthawk
The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.
Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950.
Refinitiv economists expected the report to show the economy had expanded by 31%.
(Excerpt) Read more at foxbusiness.com ...
According to Obama, we didn’t build that.
According to obama, he is responsible for all good economic news forever.
Hasn’t the Covid-covid-covid-voter-suppression-un-rally on WallStreet been nice? Thank you Steyer, Soros, Gates and many, many other coordinated hedge shorters/puts timed so perfectly with the Fauci and MSM “second wave”.
So, the economy was deliberately crashed for months on end, after all is said and done it recuperated 3.n% shy to where it was, and this bounce back is not good? Not good for who?
“”””Not good for who?”””””””””””””””””””
Not good for the dictators who want to keep us locked down and in chains while wearing a mask.
Jeez. Fox would complain about the rope we hung them with.
Leave it to Fox to pour cold water on Trump’s promised “V Shaped” economic recovery.
This will go on in every newspaper until November 4th.
They will focus on cases...and not a word on the recovery, plunging death rate and the fact that most of the cases are in an age group that literally recovers in days...and for the most part, didn’t know they had it to begin with.
What’s a “newspaper”?
During the Obama years a quarterly GDP of 2% was always written as 8% GDP without explanation that this was the annualized rate. I won’t be surprised if this is the time that the media decides to finally educate the public about the difference between a quarterly rate and an annualized rate.
A 33% growth rate, the largest ever recorded, but the f’ng MSM whines about “The economy remains 3.5% smaller than compared to the end of 2019.” Unbelievable.
Of course, what the MSM really hates is the Dems used Covid as an excuse to blow up the economy to destroy Pres. Trump and now their minions in the MSM as pissed off the economy has recovered as quickly as it has.
If the GDP grew, there is no current “recession.”
But but but...it’s annualized and therefore not really a 33% increase. Because if it worked that way when it fell - it works that way now. So get on here and correct everyone like you did before. You all know who you are.
The elite think of the economy differently. If it’s bad they wait a few more months to buy the new car. They think as long as the unemployment checks get sent out everybody is happy.
For everybody else, the economy is the next paycheck and hoping to save enough to buy new tires and a twelve pack of the fancy beer.
Wait a sec. Isn’t GDP usually in the 2-3% range? 33%? What’s that about?
Wait a sec. Isn’t GDP usually in the 2-3% range? 33%? What’s that about?
—
The number is truly mind blowing. So naturally the MSM, although forced to report it, feels the need to toss a wet rag on the story.
Well, we are still worse off than we were last year. However, quarterly growth is still growth, so we should officially be out of the recession.
So we are on track to have net growth for 2020 by the end of the year.
This isn’t a “coronavirus recession”, it’s a “governors’ lockdowns recession”. Let’s keep the blame where it belongs as The Virus didn’t lock down a damn thing!
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