After a record growth of the economy at an annualized rate of 30% during the third quarter, thanks to the incentive policies promoted by the Trump administration, Democratic states decided to paralyze commercial activities, using as an argument the alleged increase in cases of the CCP Virus, which caused a new and expected contraction.
The economy under the Trump administration had almost four years of growth at record levels of production and growth, after eight years of decline during the Democratic administration of Barack Obama.
“In my first three years in office, our country added more than 7 million new jobs, including more than 500,000 in the manufacturing sector. During that time, nearly 6.6 million Americans were lifted out of poverty, including nearly 2.8 million children,” President Trump wrote in a letter released by Fox News in November 2020.
The emergence of the CCP Virus marked a break in the Trump presidency’s unprecedented economic growth. Still, despite the fact that the world economy was virtually at a standstill for several months in 2020, the strong U.S. economy achieved over the past few years, coupled with the Trump administration’s aid policies, managed to keep economic rates at tolerable levels, and when the economy began to reopen, they quickly resumed their growth trend as in previous years.
Economic growth during the pandemic thanks to President Trump’s ministrations
Despite the crisis triggered by the pandemic, the U.S. Department of Commerce released an estimate of annual national GDP growth in October last year, spurred on by third-quarter numbers, which reached a record 33.1%, an unexpected growth for the unusual year it was experiencing, the New York Post reported.
Now, after the third quarter, the Democratic leaders began to implement, with the collaboration of the major media, a strong campaign to impose an unfounded terror of the CCP Virus throughout society, and with that argument they managed to impose strict quarantines that generated a terrible paralysis in the economy.
They closed stores, schools, restaurants, bars, and prevented family gatherings while allowing and even encouraging protests by left-wing groups like antifa and Black Lives Matter (BLM).
The results are as expected, and now when we analyze the indices of the fourth quarter of the year, we can see that after growing at an annualized rate of 30% in the third quarter, the economy of November and December contracted at an annual rate of 7%, which indicates a possible recession.
“November’s drop was the first so far in the recovery and reflected falls in personal consumption spending, nonresidential fixed investment, net exports, and investment in nonagricultural inventory,” the IHS Markit report states.
The Republican states were much more lenient in placing restrictions on the CCP Virus and the result was that their economies far outpaced the economies of the Democratic states. In addition, the numbers of deaths attributed to the CCP Virus were not affected.