The V-shaped recover is real and it’s spectacular — but still incomplete. The final economic metric before next week’s national election proved the accuracy Donald Trump’s claims of a sharp recovery of the US economy. The Bureau of Economic Analysis released its advance report on overall growth, showing a 33.1% annualized growth in GDP for the third quarter.
Without a doubt, this gives Trump the closing message he wants and needs. He can turn away from the Hunter Biden nonsense and tell people they have a choice — keep succeeding on this path under Trump policies, or watch Biden sap the dynamism out of the economic recovery with massive new regulation, taxes, and energy-cost increases. That is an argument to which voters will respond.
Of course, it’s not quite that simple, as we haven’t recovered yet — and this report strongly suggests that we have more work to do. While Q3’s gain outpaces the Q2 loss of -31.4% in percentage terms, it still does not quite make up for the lost production in real terms. It is, however, a surprisingly big boost in an economy still beset by access restrictions in production and consumer activity: