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Boom! 33.1% Annualized GDP Growth Spurred by GOP Governors Limiting or Ending Shutdowns

October 29, 2020
Press Release

Washington, DC— Thursday, Congressman Mo Brooks (AL-05) celebrated the U.S. Bureau of Economic Analysis’ report that America’s economy grew at a record 33.1% annualized rate in the 3rd quarter.[1]

Congressman Brooks said, “The American economy grew at an astounding 33.1% rate in the 3rd quarter, the best ever! That’s huge! 33.1% is nearly twice America’s 1950 quarterly economic growth record.[2] Per the White House Council of Economic Advisors, America has recovered two-thirds of the economic decline caused by dangerous city and state government shutdowns. It certainly has helped that the federal government has stopped paying people $600/week to NOT work!”

Brooks continued, “President Trump said last month that the economic recovery from government-imposed economic shutdowns would be ‘V-shaped.’[3] He’s right! After a 31.4% GDP decrease in the 2nd quarter caused by the economic depressant effects of Mayor and Governor shutdowns, coupled with paying people more to stay home than work, the American economy took off like a rocket. It’s encouraging to see such resilience in the American economy and the American people. But it’s frightening that there are so many candidates across America who want to return to even more draconian government shutdowns and want to pay even more people more money not to work. Quite clearly, America’s economic future is on the ballot this Tuesday. Prosperity or poverty. The voters will soon decide.”

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[1] https://www.bea.gov/data/gdp/gross-domestic-product

[2] https://www.cnbc.com/2020/10/29/us-gdp-report-third-quarter-2020.html?__source=twitter%7Cmain

[3] https://www.cnbc.com/2020/10/16/trump-touts-v-shaped-economic-recovery-while-biden-sees-it-k-shaped.html