"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