President Trump used the most recent quarter̵
The U.S. Department of Commerce released the latest economic data before the presidential election, which is only five days before the general election, and said that the economy grew at a record annual average rate of 33.1% in the third quarter. The United States has recovered a large part of the economic losses associated with the pandemic, but it is still below the level at the end of 2019.
Mr. Trump, who has fallen behind Democratic presidential candidate Joe Biden in polls in many battlefield countries, is focusing on the script used by other current presidents facing difficult re-election campaigns. For example, in 1992, President George HW Bush tried to persuade voters that until the end of the campaign that year, the economy began to improve after the recession. The voters elected Bill Clinton.
For Trump, the bet is that voters will not blame him for the economic pressure caused by the coronavirus, because the coronavirus has been growing under his leadership before the pandemic. He also warned that the Biden administration will bring a “severe depression.” “Wall Street Journal” / NBC News polls throughout the year found that voters have always believed that Trump is the best candidate for managing the economy. In a survey in early October, Mr. Trump led Mr. Biden by 7 percentage points on this issue.
The GDP figures have just been announced. The biggest and best in the history of our country, not even close. Next year will be incredible! ! ! Trump said on Twitter Thursday morning that Biden’s proposal to increase taxes on the wealthy would weaken economic growth. The president wrote on Twitter: “It’s great to announce this huge GDP data before November 3. “
Larry Kudlow, the White House’s chief economic adviser, said in a campaign call with reporters on Thursday that Biden plans to pass a plan to increase taxes on the wealthy to jeopardize this growth and vowed to Trump. The government will take a “targeted approach” to achieve growth that depends on wearing masks and staying away from socializing with coronavirus cases. Mr. Trump did not urge him in the twelve rallies held in the past six days.
The Trump campaign has been running Facebook ads with rocket emojis on them, disrupting the president’s economic leadership.
Biden said that according to Thursday’s GDP and employment data, many Americans will not feel that they are doing better. “There are millions of people outside at work on the edge and can’t see the light at the end of the tunnel. Biden said in Broward County, Florida. Donald Trump has given up.” Biden was in Florida. Lawward County said there were more than 200 people in cars who attended a car driving rally.
Biden proposed a $700 billion plan to stimulate the US economy, which he said will rebuild the economy faster than Trump’s proposal.
With the reopening of the economy and the weakening of government stimulus measures, the recovery in the fourth quarter is expected to slow down, and the unemployment rate is expected to remain high this winter.
An October survey of economists by the Wall Street Journal found that more than half of the respondents did not expect GDP to return to pre-pandemic levels before next year, and starting from the fourth quarter of 2019 , The economy will shrink by 3.6% this year.
Mr. Trump and Biden promised to create millions of jobs and further heal the economy. If elected on November 3, analysts predict that the economy will end and the growth rate will be lower than the same period last year in 2020, but in 2021 the United States Growing up to September has recovered. About half of the 22 million jobs in March and April were lost at the beginning of the pandemic.
The number of Americans who applied for unemployment insurance for the first time last week fell to the lowest level since the pandemic began, although this number is still high by historical standards. In the past week, the daily number of viral infections reached a new high, and it is too early to determine how employers and consumers will respond.
According to the Associated Press, 73.3 million early votes have been conducted so far. This exceeds the early voting record four years ago, when 58.8 million people voted early or mailed ballots. Thirty-nine states and the District of Columbia have surpassed the early voting levels in 2016.
The focus of Biden’s closing campaign debate was to link the long-term economic impact to Trump’s handling of the virus.
Biden is scheduled to run for president in Florida on Thursday. Biden said earlier this week that Mr. Trump “destroyed the economy where Barack and I left him. However, we can better rebuild ourselves through an economy that rewards work rather than wealth.”
The Democrats defined the country’s economic rebound as a long-term struggle. Biden’s running mate, California Senator Kamala Harris told reporters during the Nevada campaign on Wednesday that the country’s recovery will not be like “turning on the light switch.”
Biden’s political supporters cast new economic data to prove that the United States still has a long way to go. “If you lost $100 and then gained $65, would you feel good? This is what GDP means today.” Democratic financier and former Obama administration official Steven Rattner tweeted .
Both campaigns will have a final assault on the battlefield on Friday and throughout the weekend, and both presidential tickets will be held in Michigan, Texas, Florida, Pennsylvania and Wisconsin.
Biden’s campaign manager, Jen O’Malley Dillon, said in a statement on Thursday that Doug Emho, the husband of the Democratic vice presidential candidate Kamala Harris (Kamala Harris) Doug Emhoff’s test for Covid-19 was negative, after a non-staff personnel traveled on a support plane, the test of Emhoff was optimistic earlier in the day. Mr. Emhoff has stepped up the campaign on behalf of his wife and Mr. Biden in recent weeks. He recently campaigned in North Carolina and Pennsylvania. After visiting Ohio, he will appear in Las Vegas on Friday.
Before entering the 2020 campaign, Mr. Trump hopes that a prosperous economy will be the core of his re-election work, and the economy is one of the few issues that he consistently surpasses Biden in opinion polls. In the “Wall Street Journal”/”National Broadcasting Company News” poll conducted on September 30. On the 1st, voters thought Trump was more suitable for dealing with economic issues than Biden (48% to 41%).
During the Trump administration, the United States reached historic milestones in terms of jobs, income, and stock prices until the March pandemic collapsed the economy.
Trump has spent several weeks predicting record levels of GDP. At a rally in Bullhead, Arizona on Wednesday, he urged supporters to “wait until the vote before voting” and told the crowd: “If the number is not big, you don’t even have to vote for me, okay?”
Write to Joshua Jamerson at firstname.lastname@example.org and Rebecca Ballhaus at Rebecca.Ballhaus@wsj.com