President Donald Trump on Thursday, Oct. 29, trumpeted the U.S. economy’s explosive growth, blasting the biased news media for refusing to cover the latest economic report.
“The Fake News refuses to cover the fact that GDP went up 33.1% for the 3rd Quarter, the best number by far in our Country’s history!” the president wrote in a tweet late Thursday, Oct. 29.
The Fake News refuses to cover the fact that GDP went up 33.1% for the 3rd Quarter, the best number by far in our Country’s history!
— Donald J. Trump (@realDonaldTrump) October 30, 2020
Earlier in the day, the Department of Commerce announced that U.S. GDP (gross domestic product) grew at an annual pace of 33.1% in the third quarter, the fastest expansion in modern history, though the country remains in dire condition of the CCP Virus (COVID-19) pandemic.
The department credited the Trump administration for the staggering growth, clarifying in a statement, “The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19.”
The record growth rate is providing a talking point for President Trump, who has boasted that the U.S economy will enjoy a “V-shaped” recovery, or a dramatic bounce back from the pandemic downturn.
During a campaign rally in Florida on Thursday, the president explained that the economy was hit hard because of lockdowns, but his administration has changed its way.
“We locked down, we understood the disease, and now we are open for business,” he said.
President Trump then seized on the record-breaking economic growth to convince voters as Election Day has less than a week to go.
“Did you see the number today? 33.1 GDP. The biggest in the history of our country by almost triple, right, almost triple,” President Trump told a packed crowd of supporters in Tampa.
“Now it’s very much bigger than any GDP we’ve ever had,” he said, adding that he has never thought of that number.
“This is the biggest event in business and 50 years. Nobody’s ever seen a number like that. This is bigger than any nation. No nation has a number like that,” he continued.
At the campaign event, President Trump also promised future tax cuts and record job growth, while attacking Democratic presidential candidate Joe Biden for the plan to raise taxes.
“They’re just petrified at the thought of having massive tax increases, regulation increases,” President Trump said of the Biden campaign. “It wasn’t good. That’s why they had no growth. That’s why they had no recovery.”
“You will have a crippling depression the likes of which you have never seen if Sleepy Joe becomes your president,” he said.
President Trump repeated that he is “running against the worst candidate in the history of presidential politics.”
Biden, who was campaigning in Broward County, Miami, responded by criticizing President Trump for mishandling the CCP Virus pandemic, saying that failure deepened the country’s economic pain, leaving millions of people unemployed.
“I’m not going to shut down the economy, I’m not going to shut down the country, but I am going to shut down the virus,” Biden said. “When Barack [Obama] and I left office, we left Donald Trump a strong economy … and just like everything else he inherited, he blew it.”
The former vice president also attacked the incumbent for being unable to provide more government relief to struggling households and businesses when discussions between the White House and Congress over new fiscal stimulus stalled.