U.S. GDP booms at 33.1% rate in Q3, better than expected

Do you know who’s the originator of “We can’t let the cure be worst than the problem itself”

Hint # 1; He’s a doctor

 

This graph is instructive:



1) Notice the pretty much unchanged slope between 2009 and 2020?
2) We are still down from Q1 2020, by $.4 trillion.

Of course, you won't hear any of that by the Trump cheerleaders, they just scream "33.1%, the best ever", and "hail Trump", while leaving out the bigger picture. It's really all propaganda.

 

Wow, great work by the President and his Admin to get this economy turning around despite the Chinese Pandemic and obstruction from the dems in Washington

 

Since it wasn't...............they gave us the worst recovery in modern history.

The Trump Boom Is Real
The post-2009 recovery may look continuous, but Trump beat expectations while Obama fell short.

....After any recession, employment grows quickly because there is a surplus of job seekers. Late in a recovery, when the unemployment rate has already fallen sharply, growth becomes much harder to come by. Common sense suggests that further progress is more difficult at a 4% unemployment rate than at 8%.

....In December 2016, the Fed predicted that 2017 would close at a 4.5% unemployment rate. In fact, it ended at 4.1%. The Fed in 2016 also projected that 2018 would end with 4.5% unemployment, believing further improvement was virtually impossible. But unemployment reached 3.9% in 2018. Ditto for 2019: The Fed predicted 4.5%, but unemployment fell to 3.5% that year, a multidecade low. Under Mr. Trump, the unemployment rate fell to a level the Fed hadn’t even considered. The Fed’s 2016 predictions for GDP were 0.7 percentage points too low for 2017, 0.5 points too low for 2018 and 0.4 points too low for 2019.

How do those results compare with the economy’s performance after President Obama’s stimulus package was enacted in 2009? In December 2010 the Fed had to revise up the unemployment estimates it made in 2009 by 0.6% for 2011 and 0.8% for 2012. Growth was even more disappointing. The 2009 forecast overestimated 2011 GDP by 2.6 percentage points. The 2010 prediction for 2011 overshot by 1.7 points, and the prediction for 2012 was 2.5 points too high.

In sum, the Obama recovery, which was subpar in virtually all respects, ultimately underperformed the Fed’s expectations in terms of GDP growth and the unemployment rate, while the Trump portion of the recovery consistently outperformed expectations. The Fed’s models overestimated the potency of fiscal and monetary stimulus, but largely ignored the supply-side benefits from Mr. Trump’s reduction of the cost of capital, as well as deregulation...
https://www.wsj.com/articles/the-trump-boom-is-real-11603659361

 

Coming out of a recession we expect a STRONG uptick in GDP we didn't and after you hit full employment it is much harder to maintain those increases because you don't have the available labor yet we did see that more upward turn until COVID and look at the unmatched strong recovery. See above.

 

TO THE WINDOW SILL!!

 

It's going to be a shame if the Democrats get control and wreck our economy once again. But, that's what they do.

 

Sure, I have heard it all my life. But in the current debate, Trump has been saying it for weeks.

 

Isn't it sad that Liberals actually POO POO! good news for America, because it's also GOOD! news for President Trump. You look at a Sleepy Joe rally and it looks like you're at a Funeral, look at a Donald Trump rally with THOUSANDS! of people and the enthusiasm is through the Roof. I NEVER! believed these Polls, but you can feel the Tide is turning to a Trump Victory November 3rd

Liberals are NOTHING but a bunch of Debbie Downers that have nothing better in life to do, but Bitch about people that have succeeded in life, while they wallow in their Misery. No wonder Socialism is so attractive to them.

 

Giving him full credit for electoral reasons, but we all know he didn’t have $4 trillion in his pockets, thus, the cost of our government-induced recession, and turn-key recovery.

However, Trump’s pen extended Congress’s PPP loans forgiveness program til the end of December.

Cost of PPP; $628 billion, Estimated by the CBO.

 

Which has overwhelmingly favored republican voting. And the trend is looking to over perform for TX this year. In tx, it looks very solid for Trump. And who knew you lived in tx.... It must be hard for you.

 

To the wall!

Till the sweat drips down my....

 

LOL - Glad you left it there.

 

Holy NOooo dude. Look .. when a stock falls from 100 dollars down to 1 dollar ... and then rebounds to $1.30 "A 30% increase in one quarter " it is no reason to jump up and down and claim what a great stock you own.

 

2018 said different.
And Texas has been fine. Thanks for asking.

 

Thank you, Captain Obvious, but I'll take a 33.1% jump in GDP over a smaller number or a drop any day.

Sorry if I bummed your tour...

 

If a stock drops 30% due to a crisis and then bounces back 30% due to exceptionally good management and leadership, still during the crisis - yes absolutely, it's a reason to jump up and down.

If it's not a stock but the entire US economy bouncing 33%, which translates into tens of millions of American jobs - it certainly is the best ever reason for four more years

 

Did it? Cruz still got reelected. Abbot was elected and the purple myth was laid to rest. Now, if you live in SA, Austin, Dallas, Houston, El Paso, democrats did win there. So, if you live in one of those small enclaves, I can see why you might believe the way you do. But early voting in TX is trending quite heavily for republicans this election cycle. And it far surpasses 2018. It might not be pleasant for you to look outside your bubble, but the state isn't excited about being locked down by Biden, having the Oil industry massacred by Biden, or having yet more load from illegal immigration into the state. These are just the wrong conditions in the state. And when one of the blue cities devolves into chaos, Abbot will firmly put those riots down.

I hate to see folks get hugely disappointed, but you seem to be doing this to yourself.

 

I was talking about the nation at large. Looks like we were on separate wave lengths there.

 

From your link:

The annualized measure represents how much GDP would grow over the course of a year at the current pace from the same level a year ago. In terms of raw percent change from a year earlier, the economy contracted 9% in the second quarter and 2.9% in Q3.

 

Record low; 31.4%
Record high; 33.1%

Like a bouncing ball, down and up at near same level.

Government-induced recession/turn-key recovery

One simple objective; Keep everyone/everything affected by the recession above water until and after we reopen the economy.

Cost; Over $4 trillion, plus a forthcoming $2.2 trillion.

Special thanks to;

The Federal Reserve
Congress
The IRS
Mnuchin’s Distributors & Co.
Trump’s Pen

 

If you're going to count this as a GDP gain, and a Trump accomplishment, you then must also count the GDP loss as a Trump failure, and since the numbers aren't back to where they were pre-COVID, that's a strike against Trump, not a plus for him.

But in the real world, this is not a gain, it's a correction. As people go back to work, of course things will improve as far as GDP goes.

This would happen no matter who was president.

 

the crash is comming, don't fool yourself, the only thing keeping the market up is the stimulus and the fed dumping trillions into it

 

I believe Trump will sign another stimulus after he loses, just so he can kick the can down the road - republicans do not want to, but he has no choice

 

So Obama found a magic wand as well?