The nations GDP for the third quarter came in at a robust 4.9% annual rate according to the U.S. Commerce Department. It was a far cry from the low number predicted by the negative doom and gloom pundits who were once again disappointed to see the economy do so well. It was also reported that productivity was up and cost were down for the quarter and that led some folks to remark that the Feds actions are working.
The GDP for the first three quarters of 2023 averaged 3% on an annual basis. The GDP for President Biden's first two years in office averaged 4% on an annual basis. The GDP under the Trump administration for 4 years averaged 1.07% on an annual basis. The yearly GDP on Trump's watch never achieved 3%, not even before COVID. And Trump promised a GDP of 5%.
Despite the negative doom and gloom voices, America, the economy and the people are doing well. The country is safe, standing up for democracy at home and abroad and staying SANE despite the GOP's anti-democratic rhetoric, lies, misinformation and their love for a traitorous former President.
And the country is still America the Beautiful.
This commentary written by Joe Lorio
