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US GDP Jumps 33.1 % , Largest Increase in 70 years

the staff of the Ridgewood blog

Washington DC, yesterday it was reported  that real GDP grew at an annualized rate of 33.1% in the third quarter of 2020—beating expectations and setting an all-time record.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

This jump in GDP is nearly double the previous record set 70 years ago. Thanks to President Trump’s policies, the American economy is weathering the global pandemic better than any other major Western country, including those of Europe. As the Council of Economic Advisers wrote this morning:
While the pandemic hit every major economy around the world, the United States experienced the least severe economic contraction of any major Western economy in the first half of 2020, with the Euro Area economy’s contraction being 1.5 times as severe as the contraction of the U.S. economy.

Since April, America has gained over 11.4 million jobs, recovering more than half of those lost because of lockdowns. Retail sales are already above pre-pandemic levels, many construction and manufacturing jobs have returned, business activity is at a 20-month high, and new jobless claims fell to their lowest level this week since the beginning of the pandemic.

This “V-shaped” recovery is beating economist predictions and outpacing the slow recovery under former President Obama. After the 2008-09 recession, it took the Obama Administration 4 times as long to regain the same share of lost economic output.

7 thoughts on “US GDP Jumps 33.1 % , Largest Increase in 70 years

  1. Not to worry.
    Your clueless neighbors will vote for Biden to their own detriment since Trump is a meanie who says impolite things at times.

    Remember, optics are much more important than results.

  2. Wondering if Sleepy Joe and Hunter spend all their China $$ in the US?

  3. Shrug. I’m more interested in social justice and being a good person to my neighbors than I am in money.

  4. My moron neighbors (politically only otherwise I like most of them) will vote against a p@ssy grabber but are totally fine that Biden married his closest friend wife, that Hunter had an affair with his sick brother’s wife and then gave her the boot, that he again hooked up with a hooker, left her pregnant and denied fatherhood etc. The hate has made everybody blind. They will vote for anyone without thinking who he/she really is so that to hurt Trump even if it means hurting themselves. These elections won’t be over on Tuesday, it is just the beginning of a new long nightmare. If Trump wins the dems will burn the ground including themselves, if wacko Harris wins then USA is headed toward abyss. I know Tuesday will be a very very long night.
    Whatever God has meant for this country will happen.

  5. Each of us has an opinion/perception from whatever media we choose to follow. Both candidates have their accomplishments and various shortcomings. Let us see how it unfolds.

  6. Each of us sees and has an opinion about a candidate depending upon the media we choose to follow. Each candidate has accomplishments and shortcomings. Let’s see how it unfolds.

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