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Record economic growth on the way as election approaches

Record economic growth on the way as election approaches

by Jay Heflin, Washington Examiner  |  Published on August 5, 2020

The economy is on course for a record jump in gross domestic product in the third quarter, which will be announced shortly before November’s election.

“I certainly think it will be double digits,” said Doug Holtz-Eakin, the president of the center-right economic think tank American Action Forum who was also the chief economic policy adviser to Sen. John McCain’s 2008 presidential campaign.

The existing record for GDP growth is the 16.7% annual rate set in the first quarter of 1950. Several projections expect GDP growth in the third quarter of 2020, which will be announced on Oct. 29, just days before the Nov. 3 election, to eclipse that figure.

S&P Global Ratings projects a 22.2% annualized jump in third-quarter GDP, according to Beth Ann Bovino, the chief U.S. economist at the company.

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