Hey Dummy! It's the economy and Obama built it you idiot

[zigbee]

The US crumbling? Call when the USD LIBOR (rate) is obsolete.

I'd have been more impressed with Obama if he'd cut taxes and regulations and had witnessed lower unemployment figures.  Maybe I missed him redoing trade deals and fighting with China over trade and stealing US property, etc.  Markets seem to reflect a change as well.

Good point on the international interest rate, BG.

[lrrps21]

In reality it's Jimmy Carter's economic policies finally kicking in...

[zigbee]

More....
https://www.foxbusiness.com/politics/eco...art-laffer

[lrrps21]

Ozero - "These jobs are not coming back" "You can open a coal plant but you will go bankrupt" "Does he have a magic wand to bring these jobs back?" "I admit I'm not seeing these shovel ready jobs".

[zigbee]

The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.

Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday.

The previous post-World War II record was a 16.7% increase in 1950.

Refinitiv economists expected the report to show the economy had expanded by 31%.

But the headline figure obscures the full picture: The economy contracted at an annual revised rate of 31.4% in the previous quarter, the sharpest decline in modern American history.


"The economy in the third quarter will still be far below what it was pre-COVID, so far below that the depth of the recession even after that record growth will still be as a deep as a very deep recession, like the 2008 recession," Justin Wolfers, a University of Michigan economist, told FOX Business.

The Commerce Department calculates the GDP on a quarter-over-quarter basis as if that level of growth were sustained for a full year; in times of huge swings up or down, it can exaggerate both the decline in growth and the subsequent rebound. Because third-quarter growth will be measured against second-quarter growth -- a historically low baseline -- any bounceback at all would generate huge growth.

Based on the quarterly data, the nation's GDP increased 7.4% from the second to the third quarter, compared with a 9% decline between the first and second quarters. The economy remains 3.5% smaller than compared to the end of 2019.

"Even though this quarterâ€s GDP came in relatively strong, we have to keep in mind that this grade comes on a big curve – this is really a benchmark against the drastic hole we started to climb out of in [the second quarter]," said Steve Rick, chief economist at CUNA Mutual Group.

This is a developing story. Please check back for updates.

[ScarletHayes]

Biden trying to make the economy an issue on Trump is absurd.  I know he has to at least try, but I would hope the majority of the population had the ability to reason that a Covid induced shutdown just miiiiiiiight have had a little something to do with it.