Is this the single greatest and fastest comeback from a recession in our history? A strong case could be made that it is with the …
Is this the single greatest and fastest comeback from a recession in our history? A strong case could be made that it is with the recent news that national economic output soared to the highest rate in more than seven decades. The 33 percent increase in gross domestic product was twice the last record set back in 1950 when Harry Truman was president and economic growth was almost 17 percent at the time. No one expected anything like this. The Federal Reserve had predicted growth of about half of this rate. Most Wall Street economic forecasters predicted less than 20 percent growth. The same occurred with jobs as we have now lowered unemployment to below 8 percent in September. The Federal Reserve and the Congressional Budget Office estimated we would have unemployment at nearly twice that rate. It was not until late next year that unemployment would fall to this rate. Overshadowed by such blockbuster economic growth was the report on unemployment claims, as we have moved more than 15 million Americans off of such benefits in just six months. That has never happened before in our history. The housing market is also hotter than it has been in decades. Many are buying new homes as they leave cities as shutdowns, concerns over crowded areas, and riots have sparked an exodus out to the suburbs.
