After growing at an annualized rate of 30% after the pandemic bottomed out, the economy in November and December contracted at an annual rate of 7%, signaling a possible recession – or worse.
The ongoing tighter lockdowns in predominantly blue states and election theft are likely to blame.
The information coming out now shows that the Democrats may have gone too far. Their efforts to hurt the economy in 2020 during the pandemic are finally paying off. Is this a preview of what Americans might face over the next four years?
The annualized growth rate in the third quarter was a record increase of over 30%. This record might never be matched, which is why Democrats have gone out of their way to slow the economy down as much as possible. Now that the year is over, it looks like their efforts have worked.
TREND: Texas lawmakers consider secession over life under Democratic Marxism – Several states interested in movement (video)
According to IHSMarkit:
Monthly GDP fell 0.8% in November after an increase of 0.6% in October revised downwards by 0.1 percentage point. November’s decline was the first to date in the recovery and reflected declines in personal consumption expenditure, non-residential fixed investment, net exports and investment in non-farm inventories. There have been partially offset increases in residential investment and the share of monthly GDP not covered by monthly source data. Our latest forecast for annualized GDP growth of 3.0% in the fourth quarter is implied in a further decline of 0.4% (non-annualized) in December.
The Red States have been much more lenient in setting COVID restrictions and the result has been that their economies have managed to overtake the economies of the Blue States. All you had to do was fly over a state like Pennsylvania or New York and you could see and feel a different atmosphere. New York, San Francisco, and Pittsburgh airports barely operated while Charlotte or Dallas / Fort Worth were business as usual. Of course, the number of COVID deaths, which are suspicious anyway, has not been impacted.
This is probably why Governor Cuomo of New York yesterday decided to open the state despite his COVID cases reporting at record levels:
With COVID cases all the time, Top Governor Cuomo calls for opening up the economy – Gee, what has changed?