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Trump and his followers are celebrating a 33.1% growth rate for the US economy. Touting this number in a vacuum is like Spinal Tap’s Nigel Tufnel showing off the amplifier that goes to eleven. As usual, glorifying Trump’s accomplishments requires either ignorance or misdirection.
Joe Biden summed up the bottom line. “We are in a deep hole and President Trump’s failure to act has meant that third-quarter growth wasn’t nearly enough to get us out.”
Barack Obama Presidential Library
Reuters coverage details the reality. This is 33% of an economy after it tanked as the pandemic ramped up. It is not nearly enough to get the US back to where it was before — to the trajectory the US economy was on for most of the Obama administration.
This is not 33.1% GDP growth. Also notice that the slope of the line from 2016-now is basically unchanged from 2010-2016 🤔 pic.twitter.com/m2uSiD9Fth
— Chris Gervais 🇺🇸🥁 (@cgervais) October 29, 2020
Screenshot / Amazon
Most of this growth — 76.3% — was from the first COVID stimulus package. The House passed another package, but the Senate was too busy ramming through judges to take it up. That doesn’t bode well for the next quarter’s numbers.
Republicans: 33.1% GDP!
People with brains:
1. GDP shrunk 31.4% in prev. quarter.
2. This "growth" was fueled by $3 Trillion in government stimulus spending.
But wait, isn't that Socialism?
3. In April, Pelosi passed 2nd $3 Trillion stimulus Bill. Moscow Mitch still blocking it— Steve Herzfeld 🌊 (@american2084) October 29, 2020
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Nearly half of the 22.2 million jobs lost so far during the COVID-19 pandemic have not been replaced. Unemployment is still higher than during the Great Recession.
The US economy probably doesn’t look too hot to the 1.1 million people who sought unemployment benefits the week before this news came out.
“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.” https://t.co/mJqkrbDMi3
— Frank Luntz (@FrankLuntz) October 29, 2020
Wikimedia / Clean PNG
“Higher income earners have been significantly less impacted, and this group has been able to help power the economy by taking advantage of low interest rates for loans,” says Steve Rick, Chief Economist of the Credit Union National Association (CUNA) Mutual Group. Those with plenty of money were able to continue spending as basic consumers, buy or refinance homes with low interest, drive the stock market, and generally contribute to, “further widening an already-stark economic divide.”
33.1% GDP growth means nothing it isn’t fairly distributed among all social classes. GDP doesn’t measure who got this money, but with a skyrocketing unemployment rate, I’m sure you can figure it out.
— steph (@stephbruno__) October 29, 2020
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By using the raw number, 33.1% growth, Trump is trying to wow those who will not search out the details of the economy. Unfortunately for the president, there are plenty of people who can do the math.
If something goes down 31% one quarter and then up 33% the next quarter, it’s gone from 100 to 69 to 92. So congratulations, we’re still behind where we were at the start of the year and all it cost us was 250k lives and trillions of dollars in added debt! (33.1% GDP)
— Jon P (@jonsopinions) October 29, 2020
That was hard work. Take a break!
