The Gross Domestic Product (GDP) broke an all-time record. Annual growth was 33.1% in the third quarter.
The White House reports that it is the highest growth in a single quarter in the nation’s history.
Real GDP jumped 33.1 PERCENT at an annual rate in the third quarter—the largest single quarter of economic growth ON RECORD. ? pic.twitter.com/7lTqCmMHL3
— The White House (@WhiteHouse) October 29, 2020
Compared to the previous quarter, the economy grew 7.4% in the third quarter of the year, as announced on Thursday, October 29 by the Department of Commerce.
After a drop due to the coronavirus, this is the first quarterly rebound since the beginning of the COVID-19 quarantine.
This was due to the opening of economic activity after weeks of closure due to the pandemic, the Department of Commerce explains.
— EFE Noticias (@EFEnoticias) October 29, 2020
This result is favorable not only for the country’s economy but also for President Donald Trump’s reelection campaign.
It is worth remembering that in the second presidential debate, his rival, Democrat Joe Biden, was in favor of closures as a preventive measure. Meanwhile, Trump pointed to the fact that one must learn to live with the virus and not allow the economic impact that hits the nation’s homes.
Between April and June, the economy suffered a nine percent drop. However, with economic reopening, job creation resumed.
Before the pandemic, the U.S. had reached a historic point in terms of unemployment. Only 3.5% of the working population was unemployed.
Those who benefited most were precisely the ethnic minorities, especially the Black population. Also, the Hispanic community is 18% of the population but has managed to be 25% of the entrepreneurs.
After the second presidential debate, support for Trump increased among Black people with the support of music industry icons. Joe Biden’s tax plan targets precisely the wealthy. And this affects not only music stars but the aspirations of the average citizen.
The American dream remains a desire for most citizens. So the discourse of class struggle on the left, where some are expropriated to give to others, does not gain traction in all sectors since they do not see the rich as antagonists but as their own possible future.
And that is what Trump points to in his campaign: he highlights the exceptionality of the U.S., where everyone can fulfill their dreams. The opposite of his opponents, who seek to exacerbate the differences between men and women, White and Black people, migrants and natives, in order to feed off the conflict.
On November 3, U.S. citizens will define which discourse was more successful: that of rescuing the American dream or that of social fragmentation.