Posted on 10/29/2020 8:35:30 AM PDT by caww
New third quarter 2020 economic numbers Thursday show record growth, 'confirming' a rapid, 'V-shaped recovery' from the nationwide economic shutdown induced in the spring in response to the spread of COVID-19.
The Federal Reserve Bank of Atlanta, the Chicago Fed, the Conference Board, and Goldman Sachs had all expected growth to be between 30% and 35%, on an annualized basis. This level of growth, economists noted, would be the highest in the history of American GDP calculations, which began during the Great Depression.
Laffer called the 30-35% range "a very nice V shaped recovery ... probably the single best quarter ever."
Brooke Rollins, White House acting domestic policy chief, told "Just the News AM" television show on Wednesday that the record Q3 numbers were only made possible through a Trump administration tax and regulatory framework which had already proven itself with record-low unemployment figures among African-Americans, Latinos, women and other groups.
While acknowledging that federal stimulus packages like the CARES Act "had something to do with keeping people's food on their table and in their homes" pending the "incredible comeback of our economy," ultimately, Rollins said, "the real success story here is what President Trump built over the last three and a half years."
(Excerpt) Read more at justthenews.com ...
meanwhile small business owners have gone out of business or cut back severely....
other people have had to work two jobs just to stay even....
its a govt economy now....nothing can break them...its either a good thing or a very bad thing...I think its bad because we're rewarding people that do not produce anything at all...nothing....
the economy can roar back, but remember all those who have been left out...
Listening to Rush Limbaugh. During the hourly ABC News break just now no mention of the good GDP news.
Headlines in the NYT tomorrow? I doubt it...
Which is why the Dem governors are trying to re introduce lock down measures.
Better to not have any expectations of news networks crediting Trump or reporting anything good abut the nation......They’re on the covid train bigtime to help Bidens platform which is all about that....
Stock market turns on a dime......it’s been up and down over the unresolved stimulas pkg Pelosi is sitting on until after the election.
Everyone knows you have to do what you have to do to stay employed...relying on stimulas is the wrong way to look at ones plight. For business or for personal survival.
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This is how you run a country Biden! I still remember your “Green Shoots” that never ever came to pass!
Right.
This comeback is actually quite remarkable considering that the Dem governors have for the last few months done just about everything they could short of re-imposing lockdowns to delay a recovery.
I posted the below on another thread -- much like it still applies to far, far too many situations:
As far as I’m concerned, all policy or decision making Federal bureaucrats should be fired on a rotating basis every 4 years, regs and policies sunsetted, and start over. These are the people who turn a $10k repair project on a pond spillway in a Federal Refuge into years of delay and hundreds of thousands of dollars spent to inspect the site, assess the “environmental impact”, issue permits, etc., all while the spillway erodes further and the pond drains, losing it and losing it’s flood and sediment control downstream. All while the State DNR could have quickly, competently, and responsibly had the spillway repaired for the original $10k.
No kidding, I was discussing this with the local (State) fisheries biologist for my region, regarding a very nice large pond I’d fished at in the past, but whose spillway washed out several years back and continues to erode. The biologist brings this situation up with the local Refuge management every year, but the Refuge can’t “move” and can’t even let the State DNR take care of the problem because of (direct quote from the State biologist) “a typical federal government process that costs hundreds of thousands of dollars for a stack of paperwork that allows us to do $10K worth of work.”
This isn’t some isolated puddle miles back in the woods and fields, either. It’s a very visible large (and it used to be much bigger) pond, close to a busy road, with a nice large gravel parking lot & signage.
Note the key word in the quote: “typical”.
Also note the delay aspect of it: The negative fallout of that alone is endless.
This is for a REPAIR! - to merely restore what was there and working great for many years. And, it is just one example -- this crap is everywhere, and it is greatly hampering this country. I know President Trump is trying to “fix it”, but, without considerably greater public outrage, his ability to do so is somewhat limited.
Headlines in the NYT tomorrow? I doubt it...
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this is why POTUS said that he will taut his accomplishments because the media never does. He will tweet about these numbers and should talk about it at his rallies.
Wasn’t that during the “summer of recovery” that was more like a Siberian winter of despair?
Me either! :)
Too little, too late. Hillary would have had it grow at sixty bajillion percent!/they’re series. I heard some nitwit on FNC say something to that effect.
they think Biden still has a chance of winning.
If he wins he will tank the economy and blame it on 4 years of Trump. Taxes will go through the roof. They will preach that this is the new normal.
Good news. Government spending down 18% 3rd qtr 2020.
We invested in a new truck for our business
They won’t be outraged...cuz they’ll be taking credit for it.
Our “stimulus” is what brought this on! Seyz Nanzi.
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