"The Commerce Department just announced that GDP grew at an annual 33.1 percent rate in the third quarter, topping expectations and doubling the prior record period of growth set in the 1950s. The economy expanded more than 7 percent from the previous three months and recovered about two-thirds of the ground lost earlier due to the coronavirus pandemic.
The expansion was not bolstered by government stimulus; federal spending actually contracted in the quarter. Instead, the powerful gains were driven by consumer spending, inventory building by firms that had underestimated the rate of recovery, expanded business investment and a strong housing sector.
This is the way our country should grow — propelled by the private sector, not propped up by taxpayer-funded relief. Trump’s policies aim to encourage that kind of expansion; Biden’s do not.
Instead, Biden’s program harnesses income redistribution and government micro-managing for the purposes of achieving “racial equity,” among other goals."
"Biden has it wrong. Racial equity is an excellent goal best pursued through a growing economy that provides jobs and higher wages for everyone. That’s what we’ve had under President Trump, with the income gap between Blacks and whites beginning to narrow in 2019 and all categories of workers, including ex-felons, able to find work.
Last year Black household net worth increased 33 percent, albeit from a small base, while white net worth rose only 3 percent. Black homeownership in the most recent quarter was 46.4 percent, up significantly from 41.7 percent in the final period of 2016. That’s called progress."" The Hill
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pl
https://thehill.com/opinion/finance/523511-trump-or-biden-on-the-economy-the-choice-is-clear
That 33% is an extrapolation of a single quarter. Treasury conveniently left out the previous quarter, which would have made the annual GDP a net loss of around 6 to 8%. Just a bit of creative WilburMath.
what do you call a country that replaces its religion with consumerism? the religion of materialism?? making the economy the sole focus seems to be the result… do you think i have that wrong??
Too bad that over the past 100 years the economy always does better under a Democratic Administration…
https://www.jec.senate.gov/public/index.cfm/democrats/2016/6/the-economy-under-democratic-vs-republican-presidents
james
“The United States has the world’s largest Christian population,[4] Christianity is the largest religion in the United States with the various Protestant Churches having the most adherents. In 2019, Christians represent 65% of the total adult population, 43% identifying as Protestants, 20% as Catholics, and 2% as Mormons, people with no formal religious identity at 26% of the total population, Judaism is the second-largest religion in the U.S., practiced by 2% of the population, followed by Hinduism, Buddhism, and Islam, each with 1% of the population.[2] Mississippi is the most religious state in the country, with 63% of its adult population described as very religious, saying that religion is important to them and attending religious services almost every week.” wiki on religion in the US. we will see on Tuesday how many americans take their religion seriously. In Canada the Catholic Church appears to be dead, killed by clerical tyranny under the terms of the Quebec Act and by centuries long collaboration in oppressing people like my mother’s family. Are you religious? How many Canadians are religious?
I can’t tell you how many times late in the year GDP is strong off of inventory builds and then gets written down early in the next year, with market declines and concerns around growth. The real test will come then. This is not to say anything in the op ed is wrong, but as is noted we are still in a huge deficit from where we were (down 1/3 of what was lost) and the reality is that although we might prefer organic economic growth, it’s unlikely to be sufficient to sustain and grow from here. The massive stimulus we need is not ideological, but it is pragmatic, and the massive wealth built up in the stock and financial markets (admittedly for a shrinking few) depend on it. We are still in the early innings of the economic ballgame. We are in the middle innings of the longer term structural shifts to our financial, economic, and monetary system that began during the global financial crisis.
@ pat,
i think what all these different religions believe in is some form of a higher power and intelligence.. having faith in this, will result in a more harmonious life – for the individual and for the planet… all people have some element of religion in them, and i don’t believe it is about orthodox religion, so much as people’s belief systems…
these numbers of members, or groups of a particular religion is not significant as i see it.. it doesn’t matter what the religion is… we are either guided by some greater wisdom and power and we truly believe in this, or we aren’t… being a ‘formal’ member of some religion doesn’t matter to me personally, but i can see how it might for others… what a person puts their faith in does matter though…
for the record, i grew up catholic and went to a church where they said mass in latin and the only part i could relate to directly was the choir and singing the hymns.. i stopped going at age 12.. i wondered why my dad didn’t go… he claimed he was a buddhist and practised a different religion which didn’t necessitate going to a church on sundays..
it is like asking the question – how many canadians are musical? i don’t think it has anything to do with nationality.. all people are inherently musical, just like all people are inherently religious… my viewpoint is not a mainstream one.. i am sorry if i am confusing matters here.. i continue to believe people are what they practice and live.. if shopping and consumerism is the guiding principle of people’s lives, then they are consumers more then anything else… i don’t think that has much to do with religion… i think a focus on economics is a misguided focus for the planet and all who live on it… life is not meant to be like playing a game of monopoly, however it has been set up to favour those who think it is.. this too shall pass..
Our California coastal town had a GOP-Trump car caravan today – surprised at the numbers of cars with Trump flags and the young people who were also participating. More thumbs up than thumbs down from pedestrians, as we moved through town. We showed them you could support Trump in California and live to tell about it.
Took about two hours, down the main streets across the tourist beach area and back – well over 100-maybe 200 cars – all decked out. Handing out yard signs – “Trump – For Safe Communities” – wonder how long before it gets stolen?
Though there were some requisite F-Trump signs held up by a few, as well as those screaming the same lovely epitah and flipping us off. when we caught them by surprise. We laughed. They were angry.
Those screaming F-Trump in fact were the ones with veins bulging. (as Biden describes this moment he claims he saw at the Charlottesville rally, when he knew he must run for POTUS).
Joked it was a better day for the Audubon Bird Count than the traditional Christmas Bird Count. Mainly young ladies who were most aggressive with their chants and sign language.
No one protesting was cheering for Biden-Harris; just hatred for Trump. We all had a lot of fun and surprised at the numbers willing to come out and show the colors, in this very liberal town. And nary a word about this even in the local media, nor any obvious press coverage. It never happened in their mind.
But the numbers of thumbs up and the happy waves did prove indeed there is a silent Trump crowd even in this very blue state.
Laura,
In the past governors did not declare people’s businesses non-essential, lock down economies, quarantine the healthy nor send sick people into nursing homes.
Smash and grab of the Treasury because .gov flu sure looked like National socialism to me.
Federal Reserve repo bailout started months before any pandemic related hand outs.
The grift that keeps on grifting.
james
What you do or believe is your business. OTOH if you had remained in the church and claimed publicly that you were a practicing and believing Catholic while providing public scandal by advocating things contrary to church teaching then you would be a hypocrite like Biden, the Cuomos and Giuliani
pat,
there are a lot of hypocrites in the world today, especially in the political realm… i blame materialism for it myself… we have become too materialistic.. people nowadays seem to believe what they see with their eyes and are easily fooled…
@sbin – the repo operations of the federal reserve, which had massive availability but were only used in limited capacity, are not the culprit here.
The massive asset purchases of mostly treasury and mortgage bonds, however, are much more directly related, in particular because fed purchases of US treasuries allow for the funding of stimulus and broader government expenditure.
California Update; “Trump Safe Communities” lawn sign did not last even 12 hours – overnight someone pasted a pre-printed “RACIST” sign over the word ‘Safe” so that the sign now read “Trump RACIST Communities”. Quiet residential street, but obviously now targeted by a sinister midnight hate speech force.
Newspaper reports of the 100-200 participant Trump car rally got reduced to only a “few dozen” cars and noted they were “unmasked”. Then the article also claimed the “long tine of cars” blocked traffic and needed police intervention. For only a “few dozen cars”? That would be shorter than the Chick-Fil-A drive-thru back up at lunch time. Which one was it, media?
As the left is fond of saying, ……c’mon man. Notes from the Left Coast frontlines. If the organized, pre-meditated armies of the night are out “cancelling free speech” before the election, imagine what they will be doing if they win.
Fred — The article obviously takes into account ALL of the ups and downs in the economy of the past 100 years. Including the taking of Japanese-American businesses and freedoms during WWII…had you forgotten that? Also the destruction of entire Black communities…had you forgotten them? The list is kind of endless…but the fact remains that the American economy as a whole does better under Democratic Administrations.
Trump supporters in solid blue states should vote, there’s a chance for a win of the popular vote and the electoral college.
Go ahead, just try to be a Trump supporter in “laid back” California and you just might be the one “laid on your back”: videos from yesterday’s Trump car rally: https://www.edhat.com/news/police-search-for-man-who-shoved-trump-supporter
Video did provide the best line of the day by the one taking the video: …”you don’t just physically assault someone, you vote”……. (all is not yet lost in this state, yet no offers to help is always disconcerting – just keep the cameras rolling) Bravo to the police who were instantly there. Victim is okay, but perpetrator is still at large.