Thanks to President Trump’s efforts, the great American comeback is underway.
Today, real GDP numbers were released for the third quarter representing 33.1% growth, beating expectations and achieving an all-time high increase. The third quarter rise in GDP is nearly double the previous record that was set 70 years ago. Real consumer spending led the way with an increase of 40.7%, breaking all previous records and the economy saw massive increases in business investment (20.3%), residential investment (59.3%), and inventory investment (adding 6.6. percentage points to GDP).
Under President Trump, the economic recovery is beating expectations and outpacing the recovery under former President Obama. Since April, over 11.4 million jobs have been gained, recovering more than half of jobs lost because of lockdowns. The CBO projected the unemployment rate would still be above 10% in December, but thanks to the President, it is well under 10%.
Retail sales are already above pre-pandemic levels, many construction and manufacturing jobs have been recovered, and business activity is at a 20-month high. Under President Trump’s leadership, America achieved record levels of growth and economic prosperity and we will do so again.
Joe Biden would be the worst person to put in charge of America’s economy right now – having led the slowest economic “recovery” since the Great Depression. In the last five months, the economy has recovered 50 percent of all jobs lost due to the pandemic, something that took Joe Biden two and a half years to do.
It took five and a half years for Biden’s “recovery” to achieve the same reduction in unemployment. GDP has recovered two-thirds of its losses due to the pandemic in just one quarter; it took a year to do this in Biden’s “recovery.”
The Biden-led “recovery” failed American workers, families, and businesses. Biden’s “recovery” lost 192,000 manufacturing jobs, created stagnant wage growth, saw 800,000 Americans fall into poverty, and left the middle class behind