(RepublicanInformer.com)- President Donald Trump has overseen a record expansion of the American economy, with U.S. GDP growing by 33.1% in the third quarter. The numbers, released by the United States Commerce Department on Thursday, show that the president’s economy was robust and strong enough to bounce back as soon as states began lifting excessive lockdown rules.
The unprecedented economic lockdown is great news for President Trump and the American people, however, there is work still to go. The pandemic has cost millions of people their jobs, and the total economy is still 3.5% smaller than it was at the beginning of the year.
Economists predicted that the economy would grow by 30.9% in the third quarter, meaning the news goes above and beyond even some of the most optimistic forecasts.
GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!! 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.
— Donald J. Trump (@realDonaldTrump) October 29, 2020
The massive third-quarter growth was reportedly fuelled by a massive increase in consumer spending, as stores reopened and Americans who have returned to the workforce once again making purchases. Consumer spending rose by 40.7% in the third quarter, and business investment also increased by 20.3%. It represented a total 70.1% increase in equipment investment from businesses.
And, if that wasn’t enough, the housing market began booming too. Residential investment grew nationally by 59.3%.
The numbers show that Americans are getting back to work and confidence in the economy is returning – good news for the president in the final days of the 2020 presidential campaign. While Joe Biden continues to avoid holding rallies or answering difficult questions about his alleged business deals with Ukraine and China, President Donald Trump continues meeting the American people and discussing his administration’s many successes – one of which being the economy.
Economists have predicted that quarter four will see another growth, but that it will still be a total contraction for the full year.