Left-leaning CNBC grudgingly was forced to report that despite the Covid-19 pandemic, the U.S. economy managed to break a record for growth. The third quarter numbers came in at an astonishing rate of 33.1% proving Americans weren’t phased by the global economic collapse.
Growth despite the quarantine
Forcing the whole world to quarantine for most of the year didn’t phase Americans. Under the leadership of President Donald Trump, patriotic citizens embraced the internet to work from home where possible. Those who were forced out of work had opportunities to help out in other industries. We took a hit, but we learned to adapt. Good old American greatness produced an astounding amount of growth.
Along with every other country on the planet, the second quarter was a disaster. It will go down as the worst quarter for growth in American history, but following that, “the U.S. economy grew at its fastest pace ever.”
Gross domestic product is the number which is used to gauge the total goods and services produced. The growth between July and September is then adjusted to an “annualized” figure which was just reported at a whopping 33.1%. Wall street loved seeing that and markets opened on the upswing.
U.S. GDP booms at 33.1% rate in Q3, better than expected https://t.co/TuW42O1Z7H
— CNBC (@CNBC) October 29, 2020
A complete reversal
The latest growth numbers caused investors to sigh in relief because the previous report was a 31.4% plunge. To give an idea how record shattering both numbers are, since the end of World War II the previous positive rise was a “16.7% burst in the first quarter of 1950.”
Americans ate a lot of potato chips and watched a lot of movies but it all added up. “Increased consumption along with solid gains in business and residential investment as well as exports fueled the third-quarter rebound.” That was helped along by “decreases in government spending.”
President Trump knew these numbers would be coming but he’s awful happy to be waving the report around at his rallies in the last week before the election. He’s expected to win in a landslide but the Democrats still have a few extra days in some places to pack the ballot boxes full of extra Biden votes from folks with questionable signatures who may or may not still be alive. Americans are holding their breath to see what Bidens vote growth numbers after the election turn out to be.