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Economic data show a strong US economy doesn't need 'building back'
[Washington Examiner] "V-shaped recovery" is not a technical term in economics, and it lacks a formal definition. But what could it possibly look like, if not like the economic recovery currently underway?At the beginning of October, the Bureau of Labor Statistics delivered the shocking and encouraging news that unemployment had plummeted from its coronavirus high of 14.7% in April to just 7.9% in September. This meant that unemployment had crashed down into the single digits a full year before experts had predicted. Then this week, the Bureau of Economic Analysis revealed that GDP grew at an annualized rate of 33.1% in the third quarter of the year. That number shatters a 60-year-old record for economic growth in a single quarter. It means that already nearly all of the losses from the coronavirus have been regained already and at a pace no one expected. This serves as further evidence that there is a great fundamental strength in the economy. Even after seven months of illness, death, and government-imposed economic restriction, the economy maintains its underlying strength. As Election Day closes in, Democrats, especially Joe Biden and his running mate, Sen. Kamala Harris, have tried to insinuate that not only that President Trump caused the coronavirus, but also that he caused the resulting recession. The fallacy of this allegation is increasingly evident as the economy recovers without any need to, as Biden once put it, "Build Back Better." Posted by: Besoeker 2020-11-03 |
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