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U.S. GDP grew at record 33.1% annualized rate in 3rd quarter, as Economy Roars Back from COVID....
justthenews ^ | 10/29/2020 | Carrie Sheffield

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: didyousearch; gdp; postedseveraltimes; sidebarabuse
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To: caww
lets understand that no govt employee lost a thing...they stayed home and did nothing....but kept getting fat paychecks and benefits....

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...

21 posted on 10/29/2020 10:04:25 AM PDT by cherry
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To: dsrtsage

Listening to Rush Limbaugh. During the hourly ABC News break just now no mention of the good GDP news.


22 posted on 10/29/2020 10:05:08 AM PDT by willk (A bias news media is not a free press.)
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To: caww

Headlines in the NYT tomorrow? I doubt it...


23 posted on 10/29/2020 10:15:18 AM PDT by Deplorable American1776 (Proud to be a DeplorableAmerican with a Deplorable family...even the dog is, too. :-) Trump 2020t)
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To: dsrtsage

Which is why the Dem governors are trying to re introduce lock down measures.


24 posted on 10/29/2020 10:16:53 AM PDT by taxcontrol
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To: Deplorable American1776

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....


25 posted on 10/29/2020 10:41:33 AM PDT by caww
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To: DOC44

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.


26 posted on 10/29/2020 10:43:54 AM PDT by caww
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To: freespirit2012
markets been swinging up and down over the stimulus Pelosi is sitting on.
27 posted on 10/29/2020 10:45:59 AM PDT by caww
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To: cherry

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.


28 posted on 10/29/2020 10:50:25 AM PDT by caww
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To: caww

Bookmark


29 posted on 10/29/2020 11:04:17 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: caww

This is how you run a country Biden! I still remember your “Green Shoots” that never ever came to pass!


30 posted on 10/29/2020 11:09:18 AM PDT by Chgogal (ALL lives matter. If you disagree with me, YOU are the racist.)
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To: MCEscherHammer

Right.


31 posted on 10/29/2020 11:18:56 AM PDT by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: taxcontrol

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.


32 posted on 10/29/2020 11:25:49 AM PDT by Paul R. (When you go to vote, remember which Party gave us the 55 mph speed limit!)
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To: caww
The regulatory reforms are a big deal, in allowing such recovery in the economy, although MUCH more needs to be done on both State and Federal levels.

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.

33 posted on 10/29/2020 11:44:50 AM PDT by Paul R. (When you go to vote, remember which Party gave us the 55 mph speed limit!)
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To: Deplorable American1776

Headlines in the NYT tomorrow? I doubt it...
/
/

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.


34 posted on 10/29/2020 12:02:49 PM PDT by snarkytart
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To: Chgogal
”This is how you run a country Biden! I still remember your “Green Shoots” that never ever came to pass!”

Wasn’t that during the “summer of recovery” that was more like a Siberian winter of despair?

35 posted on 10/29/2020 12:12:16 PM PDT by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.`)
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To: rdl6989

Me either! :)


36 posted on 10/29/2020 12:39:08 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust post-Apocalyptic skill set.)
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To: dsrtsage

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.


37 posted on 10/29/2020 1:06:50 PM PDT by Eleutheria5 (JOBS NOT MOBS!)
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To: freespirit2012

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.


38 posted on 10/29/2020 1:26:44 PM PDT by spudville
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To: cherry

Good news. Government spending down 18% 3rd qtr 2020.
We invested in a new truck for our business


39 posted on 10/29/2020 4:04:47 PM PDT by griswold3 (Democratic Socialism is Slavery by Mob Rule)
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To: dsrtsage

They won’t be outraged...cuz they’ll be taking credit for it.

Our “stimulus” is what brought this on! Seyz Nanzi.


40 posted on 10/29/2020 4:25:04 PM PDT by Vaden (First they came for the Confederates... Next they came for Washington... Then they came...)
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