President Donald Trump has often argued that his economic policies would quickly reverse the economic damage imposed by shutdowns meant to limit the spread of the coronavirus.
In an announcement that helps bolster that case, the nation’s gross domestic product has surged upward at a staggering rate of 33.1% annualized over the third fiscal quarter, as reported by Fox Business.
“Biggest and Best”
The good economic news on Wednesday indicates that the GDP has recovered most, but not all, of what has been lost thus far this year.
As an annualized rate, the previous record for quarterly GDP growth was reached in 1950, when it registered at a comparatively paltry 16.7%.
Trump took to Twitter in response, where he celebrated the positive development.
“GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!” he tweeted. “However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd.”
The White House Council of Economic Advisers issued a report announcing the third-quarter growth, beating expectations and giving Trump a new argument in support of a second term in the White House.
“Cutting taxes and reducing regulations”
While the Trump campaign continues to paint Democratic presidential nominee Joe Biden and his party as bad for the nation’s economic future, campaign communications director Tim Murtaugh said in a statement that the latest news serves as evidence that the current administration is best suited for the task.
“The President built the world’s best economy once and he’s rapidly doing it again, proving that cutting taxes and reducing regulations and red tape clear the way for American ingenuity and our entrepreneurial spirit to thrive,” he said.
Trump has long touted his ability to achieve the so-called “V-shaped” economic recovery that the GDP report apparently reflects.
“President Trump’s efforts to protect American workers and businesses during the coronavirus epidemic have clearly worked,” read a Trump campaign statement earlier this month.
The campaign went on to cite the successes of the Paycheck Protection Program for providing “more than $521 billion in forgivable loans to over 5 million U.S. businesses, protecting more than 51 million U.S. jobs” as well as “a total of $265 billion in coronavirus relief payments, helping those Americans who are out of work or struggling.”