U.S. presidential candidate and former Vice President, Joe Biden, mistakenly cited the percentage contraction of the country’s economy, making it appear several times higher than the official data.
The overall economy in the second quarter declined by 9.5 percent compared to the same period in 2019, according to the Office of Economic Analysis report, but Biden reported it at “nearly 33 percent” by applying the projected one-year inflation figure rather than the quarterly one.
“Today, we learned that the last three months were the worst period for economic growth our nation has experienced in the 70 years since we started measuring it—a drop of nearly 33 percent,,” Biden wrote in a July 30 article, according to the Medium.
The contraction was largely due to the prolonged closures caused by the CCP Virus pandemic, “but the economy is highly unlikely to similarly contract over the next nine months, making it an unreliable metric,” The Washington Free Beacon reported.
These figures are much lower than those recorded in the United Kingdom, where a 20.4% collapse of its gross domestic product (GDP) was recorded in April alone due to the impact of the CCP Virus, according to Euronews.
The misuse of the figures, had a negative impact on the image of the Trump administration’s performance and was rejected by members of the president’s election campaign.
“These economic numbers reflect April through June when much of the economy was essentially closed down to save millions of American lives,” said Tim Murtaugh, the communications director for President Trump’s re-election campaign.
“The media is also grabbing onto the annualized number, which supposes that the economic conditions will remain the same for an entire year, which it undoubtedly will not,” Murtaugh said.
Republican strategist Andrew Surabian also blamed the media for the misuse of the data, calling it a lie in one of his tweets.
“This is a lie. The GDP fell by 9.5% in the second quarter. 32.9% is the annualized number. How can you ‘CNN’ allow your journalists to lie blatantly like this?” Surabian wrote.
“Unfortunately, many other reporters are spreading the same misinformation on Twitter today. Journalistic standards are dead,” he added in the same message.
This is a lie. GDP fell 9.5% in the 2nd quarter. 32.9% is the annualized number. How does @CNN allow it's reporters to blatantly lie like this?
Sadly, numerous other reporters are spreading the same misinformation on twitter today.
Journalistic standards are dead part 1000. https://t.co/cypvatzEDx
— Andrew Surabian (@Surabees) July 30, 2020
Expectations for the recovery of the U.S. economy are encouraging.
The director of the United States National Economic Council and one of President Trump’s economic adviser’s Larry Kudlow, who analyzed the positive signs of retail sales and the automotive sector and predicted double-digit economic growth in the third and fourth quarters of this year.
The U.S. Census Bureau reported that retail sales increased by 7.5% in June, reaching $524.3 billion, above the previous month, and well above the percentage recorded in the same period in 2019.