GDP Crashing! – The ‘Blue Chip Consensus’ In July Was GDP Would Be Greater Than 7% – Today It Lands at 2%

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.

IT’S OFFICIAL: Trump Crushes Record for Largest GDP Increase in US History — 3rd Quarter GDP Up 33.1%

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.

This is bad and things are looking worse for the corrupt Biden gang.

Dear Reader - The enemies of freedom are choking off the Gateway Pundit from the resources we need to bring you the truth. Since many asked for it, we now have a way for you to support The Gateway Pundit directly - and get ad-reduced access. Plus, there are goodies like a special Gateway Pundit coffee mug for supporters at a higher level. You can see all the options by clicking here - thank you for your support!
Photo of author
Joe Hoft is a Radio Host at, Author, Former International Corporate Executive in Hong Kong for a Decade, and a Contributor at TGP since 2016. Joe is the author of five books, including his new bestseller, "The Steal: Volume II - The Impossible Occurs" which addresses the stolen 2020 Election and provides an inventory of issues that prove that the 2020 Election was uncertifiable and never should have been certified for Joe Biden.

You can email Joe Hoft here, and read more of Joe Hoft's articles here.


Thanks for sharing!