Biden’s recovery is a failure. The GDP reportedly grew at a dismal rate of 2% in the 3rd Quarter – way under original projections early in the Quarter and 2nd Quarter’s reported 6.7%.
The government’s Bureau of Economic Analysis (BEA) released the projection this morning:
Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2021 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent…
…The increase in third quarter GDP reflected the continued economic impact of the COVID-19 pandemic. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note and Federal Recovery Programs and BEA Statistics.
This is terrible news for the Biden gang. The Biden recovery is crashing. We reported this in September.
The Atlanta Fed had estimated the GDP growth rate to be better than 7% early in the 3rd Quarter, only to revise numbers to 3% later in the Quarter. Today’s report is less than even the best projections in September.