https://issuesinsights.com/2020/12/22/trumps-post-covid-boom-is-underway-will-georgia-voters-let-joe-biden-kill-it/
After growing at a blistering 33.1% pace in the third quarter, the economy is poised for another double-digit leap in Q4. Now there’s talk of a roaring ‘20s-style revival on the way as two new vaccines start making the rounds and the nation gets back to normal.
None of this was supposed to happen – at least not in this time frame. And none of it will continue if Democrats gain control of the Senate. Let’s rewind the clocks a few months to understand why.
Once the economy came to a screeching halt amid what turn out to be reckless and largely pointless lockdowns, mainstream economists started predicting another slow recovery, while bashing President Donald Trump for saying otherwise.
”White House predictions about how the U.S. economy might rebound from the coronavirus crisis and how quickly a vaccine might be rolled out came under question,” is how one news outlet put it in May.
Politico declared in June that “Trump has been quick to declare victory against the coronavirus recession, comparing U.S. economic growth to a ‘rocket ship’ and predicting ‘GREATNESS, and soon!’ Economists are telling a different story.”
Slow growth and a long stretch of high unemployment was what the nation faced, according to the experts.
Then the economy blew the experts away with that 33.1% rebound, according to the Bureau of Economic Analysis. And now, with less than two weeks to go in the year, the Atlanta Federal Reserve Bank’s GDPNow forecasts 11.1% growth in Q4, which if it holds up would be more than twice the rate predicted by the consensus of so-called Blue Chip economists.
Meanwhile, the jobless rate, or so we were told, would still be close to 10% by year’s end.