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Thursday, October 29, 2020

It's officially the greatest economic recovery ever



The economy grew at an annual pace of 33% in July, August, and September as once again President Donald John Trump delivered for the American people. The author of the New York Times best-seller, The Art of the Comeback, got the nation to come back from a worse-than-the-Depression economic collapse from the pandemic panic.

CNBC reported, "Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic started to put itself back together, the Commerce Department reported Thursday.

"Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1% annualized pace, according to the department’s initial estimate for the period.

"The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. The previous post-World War II record was the 16.7% burst in the first quarter of 1950."

We already knew this was coming because the stock market recovered from March's freefall in just 5 months.

No one else could have done it. Hoover floundered then foundered in the Great Depression. FDR's draconian measures failed to light the fire. World War II -- not socialism -- ended the Depression. We ended the war as the only major nation that was not bombed out, which led to decades of affluence.

President Trump did not need a war to save himself or his country.

The CNBC story said, "While the news on Q3 was good for the $21.2 trillion economy, the U.S. faces a tougher road ahead as corona virus cases increase and worries grow over the health and economic impacts. Nearly half the 22 million jobs lost in March and April remain unfilled and the unemployment rate remains at 7.9%, more than double its pre-pandemic level as 12.6 million Americans are still out of work."

The unemployment rate was 7.8% when we re-elected Obama in 2012. In two years, he had knocked the unemployment rate down by 2.4 points.

President Trump cut the unemployment rate down by 6.8 points in just 5 months.

Does anybody really believe that voters will not reward him for his economic success? Without the pandemic panic, unemployment was 3.5% -- a 50-year low.


Business Insider reported on June 2, "It could take the US economy nearly 10 years to recover from fallout stemming from the corona virus pandemic and lockdowns to curb the spread of disease, the Congressional Budget Office said Monday.

"The CBO now projects that over the 2020-2030 period, cumulative nominal output will be $15.7 trillion less than it previously said in January, a 5.3% cut. It dropped its real GDP forecast for the same period by $7.9 trillion, or 3%, according to the report. 

"U.S. GDP isn't expected to recover to the CBO's previously forecast level until the fourth quarter of 2029, the report showed. "

Hahaha.

Business Insider must be run by Paul Krugman because this story is typical of its cluelessness.

I guess tonight we're gonna party like it is 20-29.

But let us hold off on that party until Tuesday night when the results come in for President Trump's stewardship of the worst financial crisis in our history.

Art Laffer told Just the News, "Covid 19 hit the U.S. economy, and [prior to the outbreak] the U.S. economy had the lowest unemployment rate we had since 1959. 

"It had the longest period of expansion in, I think, U.S. history. So, when it hit the economy. I mean we were in as good a shape as possible to absorb that. Imagine what would have happened if it hit in the middle of the Great Recession or some other time. It would have caused a lot more damage"

The quick recover means we are better prepared for the next catastrophe.

Come on. Something's gotta give. We have two more months left of 2020.

20 comments:

  1. Don, just have to say I enjoy your website so much that I turned off my adblocker for you. :)

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  2. Business Insider is fanatically anti-Trump.

    We ended the war as the only major nation that was bombed out, which led to decades of affluence.

    Think you mean the only major nation that was not bombed out

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    Replies
    1. And don't forget Canada which became for a time one of the major players because we too were not bombed out.

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    2. Canada, where I live, is joined at the hip with the US, whether we like it or not. And that means WE benefit from YOUR great president's policies, though we've done nothing but disparage him. To our utter shame.

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    3. Grew up in Minnesota and worked in North Dakota for 30 years. Loved our Canadian relatives. Fished up there a lot and they came down to buy cheap cigarettes and booze. It's a good trade.....

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    4. Yes, I bombed out on that. I will fix. Thanks

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  3. In less than just 3 years President Trump ushered in one of the the best economies are nation had ever enjoyed. Then the Chinese exported the virus. It almost seems like it was planned.

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    Replies
    1. They could have cut a deal but instead decided to fight PDJT, IMO. And Dems became their junior partners.

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  4. Maybe some of Krugman’s students are employed Business Insider. Who else could be so wrong.

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  5. Question about the chart.. if Q2 went down 31% and Q3 up 33%... why is the line still below Q1? Oh, duh.. the baseline change was lower... sorry, still posting because I'll own my idiocy.

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    Replies
    1. It is 33% of the reduced figure.
      These are annualized numbers, but a drop of 31% of 100 brings you down to 69.
      33% of 69 is 23 which brings you to 92.
      But the reality is we are down maybe 2% on the two quarters.

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    2. Gonna leave out the $20 whore comments...but you know!

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  6. Driving down the local main st: Wanted drivers, Counter help, sorting help-this was at a local hardware/lumber store -end of october.LOcal truss plant is having problems with lumber availability. Too many orders asd mills normally start to slow down...
    Wal_Mart is hiring, Safeway is hiring. Local Grocer was turned in by Kate's Karen Kommandos for not social distancing Oregon OSA showed up.
    they looked at the Camras, left no fine.
    I am praying and hopeful the Dems are gonna lose big,really big ..

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    Replies
    1. Douglas, you have two RV manufacturers in your area. It took us six weeks longer than the projected delivery date to get our new trailer. The reason given is that supply chains are tight and they can't get parts--everything from sinks to light bulbs. The RV business is red hot right now--our dealership said their normal inventory is 350 units. They currently have 42.

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  7. There is so much construction in Polk County Florida that you can't miss what is happening with the economy. Early voted for that Donald yesterday, along with Greg Steube for the House. 46-4!!!!

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    Replies
    1. Which states are the four?
      HI, MA, IL, DE, CO, CA, WA, OR, VA, NY, VT, RI, NH, NJ are all tough to win. Which four are too difficult to carry even in a landslide?

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    2. I'm thinking Cal, Hi, Ma, and, NY or NJ. Although I would love to see Z's outcome 50-0.

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