The United States economy recorded the largest GDP growth in history in its third quarter, with an astonishing 33.1 percent just five days before the Presidential elections.
It’s fantastic news for incumbent President Donald Trump, whose campaign staple is increasing job growth nationwide, bringing jobs back to America and promising to overcome the hardships brought on the economy by the novel Coronavirus outbreak that has forced economies to contract around the globe.
White House Chief of Staff Mark Meadows told Fox News host Maria Bartiromo Thursday that “this president is committed to job creation of all Americans.” He touted the success of the third quarter GDP.
The Commerce Department, which published the report, said the growth marks the largest output gain in recorded history. It is based on data going back to the 1940s and came in at roughly double the next-biggest jump seen in 1950, according to Business Insider.
The reading represents how much the economy would’ve grown had the third-quarter rate lasted for a year. It’s a sharp reversal from the second quarter, which saw a 31.4% annualized rate of contraction.
Thursday’s figure is also the first of three estimates published by the Commerce Department, and could be revised in the coming months.
You can follow Sara A Carter on Twitter @SaraCarterDC
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White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis
The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.
“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”
Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”
“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”
“What’s inaccurate?” Doocy asked.
“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.
“I didn’t say ‘wanting.’ I said, is it being studied right now? Is the administration studying the impact of shutting down the Line 5?”
“Yeah. Yes, we are. We are,” Jean-Pierre admitted.
DOOCY: "Is the administration studying the impact of shutting down the Line 5?"
JEAN-PIERRE: "Yes we are." pic.twitter.com/V5XKhgcmAJ
— Townhall.com (@townhallcom) November 8, 2021
The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.
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