NEW: Economic comeback under President Trump breaks 70-year record

1600 Daily
The White House • October 29, 2020

News broke this morning that real GDP grew at an annualized rate of 33.1% in the third quarter of 2020—beating expectations and setting an all-time record.

This jump in GDP is nearly double the previous record set 70 years ago.

Thanks to President Trump’s policies, the American economy is weathering the global pandemic better than any other major Western country, including those of Europe. As the Council of Economic Advisers wrote this morning:

 While the pandemic hit every major economy around the world, the United States experienced the least severe economic contraction of any major Western economy in the first half of 2020, with the Euro Area economy’s contraction being 1.5 times as severe as the contraction of the U.S. economy. 

Since April, America has gained over 11.4 million jobs, recovering more than half of those lost because of lockdowns. Retail sales are already above pre-pandemic levels, many construction and manufacturing jobs have returned, business activity is at a 20-month high, and new jobless claims fell to their lowest level this week since the beginning of the pandemic.

This “V-shaped” recovery is beating economist predictions and outpacing the slow recovery under former President Obama. After the 2008-09 recession, it took the Obama Administration 4 times as long to regain the same share of lost economic output.

🎬WATCH: The media has an obligation to share this news.

Two big reasons explain President Trump’s success. The first is that his pro-growth, pro-worker agenda made our economic fundamentals stronger. Before Coronavirus swept the globe, American incomes hit a record high in 2019 while poverty rates hit a record low. Median incomes saw their biggest one-year jump ever.

Second, President Trump took targeted action to help American workers and families after the Coronavirus hit. His Administration negotiated the CARES Act, implemented the Paycheck Protection Program to save jobs, extended supplemental unemployment benefits, paused student loan payments, and halted evictions.

Today, the left wants to emulate Europe, issue endless lockdowns, and use the pandemic as an excuse to grow government control of the economy and society. President Trump wants to keep working with the private sector, protect the most vulnerable among us, and safely reopen our economy and schools.

Today’s GDP report makes it clear: The data supports President Trump’s strategy.

The Great American Comeback is well underway—a testament to both President Trump’s policies and the strength and resilience of America’s workers and families.

📖 Great American Recovery: 3rd quarter GDP smashes expectations

🎬Larry Kudlow: The Trump agenda gave momentum to businesses

Photo of the Day

President Trump departs Goodyear, Arizona | October 28, 2020

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‘New Border Wall Is Getting Results’

West Wing Reads
From The White House  – October 31, 2020 
“The border has physically changed as a result of the Trump administration’s decision to fund projects along the 2,000-mile dividing line” between Mexico and the United States, Anna Giaritelli reports for the Washington Examiner.
 
“Years of labor is overwhelmingly evident and compelling. The wall is up, everywhere.”
 
Click here to read more.
 
MORE: There Really Has Been a ‘Trump Effect’ on Immigration

In Philadelphia this week, “rioters threw stones and bricks, and some 30 officers sustained injuries. The agitators looted businesses, and officers arrested 91 people, including three for assaulting police and 76 for burglary . . . After unrest this summer, the [Philadelphia] City Council reduced police funding by more than $33 million,” The Wall Street Journal editorial board writes.

“Under President Trump’s leadership, [America] achieved energy independence and energy dominance, becoming the world’s largest producer of oil and natural gas . . . This achievement has had a profound effect on our economy, in the form of jobs and affordable energy,” Energy Secretary Dan Brouillette writes in the Midland Reporter-Telegram.

How does America’s economy today compare to our country under President Obama? “The sluggish first five months of the Obama-Biden recovery led to the slowest recovery in U.S. history,” financial expert Douglas Carr writes. “The Trump administration’s first five months of recovery are the nation’s fastest ever.” Read more in National Review.

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