In news that is seeing people from coast to coast breathing a sigh of relief, the US Commerce Department announced Thursday that the economic output of the United States exploded in the Third Quarter of 2020 by a record-breaking 33.1 percent.
The Commerce Department said the record rebound signifies the responsible reopening of the economy and incremental resumption of business activity following what many believe to have been draconian lockdowns spurred by the outbreak of the COVID-19 virus.
“The increase in third-quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19,” the department said in a statement.
— U.S. Commerce Dept. (@CommerceGov) October 29, 2020
The weekly jobless claims, as reported by the US Labor Department, hit a peak COVID threshold of 6.867 million in March and, aside from several minor upticks, have fallen ever since.
The record economic rebound, Trump campaign communications director Tim Murtaugh said, is a “validation of President Trump’s policies which create jobs and opportunities for Americans in every corner of the country.”
Murtaugh pointed to the Trump administration’s policy of “cutting taxes and reducing regulations and red tape,” which he maintains “clear the way for American ingenuity and our entrepreneurial spirit to thrive.” Murtaugh cast the election as a choice between “a Trump boom versus a Biden depression.”
In a closing argument October 29, 2020 video message, President Trump said, “The really big factor in this election is the fact that Joe Biden and Kamala want to raise your taxes and raise them like nobody’s ever been raised before.”
The President and his team estimate those tax increases to be in the area of a $4 trillion tax hike over 10 years. They predict it would “drive our country into depression.”