Last year's American economy shrank the most since 1946

The US economy grew at an annualized rate of 4% in the fourth quarter of 2020, just as economists had predicted, the Commerce Department reported Thursday. But that didn’t make up for a bad first quarter and an historically awful second quarter.

For 2020 as a whole, GDP decreased by 3.5% from the prior year. That was the worst decline since 1946.

If it wasn’t for the pandemic crisis, a 4% quarterly growth rate would be a great number. But the nation is still far from its pre-pandemic economic glory and this pace of growth just won’t cut in.