Given the sheer magnitude of the second-quarter contraction вЂ“ which wiped away five years of growth in just three months вЂ“ even a modest rebound was guaranteed to generate record-breaking growth rates in the third quarter.Д®ven so, growth last quarter was not nearly enough to return our economy to where it was at the end of last year. While this is the fastest quarter of growth on record, this was nearly inevitable as it follows the steepest collapse on record in the second quarter, when real GDP fell by 9 percent (equivalent to a 31.4 percent annualized decline). Real GDP grew by 7.4 percent (equivalent to a 33.1 percent annual rate of growth) in the third quarter of this year. Our Economy Is Smaller Than It Was Last Year And with labor market gains slowing and economic hardship on the rise, a brutally uneven and needlessly slow recovery will be all but guaranteed unless more fiscal support is delivered immediately.

While the economy, with the help of the CARES Act, has made critical progress since Spring 2020, output and employment are still extremely depressed relative to their levels before the pandemic. Seven months into the crisis, COVID-19 and the Trump AdministrationвЂ™s failure to control it continue to constrain the recovery. President Trump has failed the American people and the economy again and again. Instead, his record during the first three years of his presidency, prior to the pandemic, is one of recklessness, bluster, and the prioritization of the wealthy and well-connected over everyone else. Despite inheriting a growing economy with low unemployment from the previous Democratic administration, President Trump squandered countless opportunities to address longstanding economic challenges, strengthen familiesвЂ™ economic security, and invest in our future prosperity. But taking stock of President TrumpвЂ™s record even before the pandemic makes clear that he was mismanaging the economy from the beginning. In the face of this colossal failure, small businesses across the country are closing their doors for good, families are facing hunger and eviction, and millions of Americans are still having to make the impossible choice between their health and a paycheck. President TrumpвЂ™s refusal to develop a national strategy to defeat вЂ“ let alone contain вЂ“ the virus has resulted in thousands of avoidable deaths and the most severe economic crisis in a generation. His brazen lies about the virusвЂ™ lethality and spread, shameful efforts to hide critical information from the American people and slander public health experts, and his reprehensible convenings of his very own superspreader events across the country collectively illustrate the degree to which he has abdicated responsibility for our nationвЂ™s safety and security. President TrumpвЂ™s unwillingness to contain the COVID-19 pandemic constitutes one of the most catastrophic failures of leadership in our nationвЂ™s history.

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