RUSH: Now, the president, as I say, has been hinting at a massive economic growth number, a massive GDP number. Today it was released. Third quarter GDP, 33.1%. This is in fact the V-shaped recovery that the - (interruption) She was Tucson. Okay.That's where Kamala was, Tucson, Arizona. Doesn't matter where she was. Nobody showed up to see her.
V-shaped recovery, 33.1%. This is the best economic recovery in history. And, folks, it only happened because of the things Trump put in place. This is not automatic. It is not something that was going to happen anyway. When the economy is solid, we can survive a massive unknown hit like this thing by the coronavirus. What you're seeing here are the results of what happens with a closed economy in the second quarter and then an open economy in the third quarter. What it means is that we could use even more stimulus. We need Congress to get rid of this Pelosi roadblock.
Folks, the evidence is so clear, the Democrats are the roadblock. This would not be possible if the Democrats were in the White House, if Biden or whoever was in the White House and everything else that had happened had happened would not be possible. We wouldn't have had 3a 3% GDP report today. We would be locked down. We would be shut down.
In fact, there's really a scary, scary story today. I just saw this before the program started. And I wonder where -- if I put it in the Stack. I don't really need it. It's a story about Australia or New Zealand or one of those places over there in the Australia area. And it's Dr. Fauci. And somebody is asking Dr. Fauci, "Well, look. Look what happened either in New Zealand or Australia. They shut down for 111 days and they got rid of all their cases of COVID-19."
And Fauci says, "Yep, it's exactly what we need to do, shut down for 111 days." You realize that's over three months. That's three and a half months these guys are talking about shutting down. This is Dr. Fauci. I guarantee you if Biden's elected president Fauci's gonna be running COVID-19 policy, 111 days! If these people get the power to do that, you can kiss your economic recovery good-bye and everything associated with it. I will find the story because I put it here in the Stack. It's scary what these people are planning to do.
And this is just independent of COVID-19. If they implement their other economic policies, such as the Green New Deal, in conjunction with whatever drastic plans they have for COVID-19, I just shudder to think what these people are gonna do to this country.
Art Laffer told Just the News, the website here, that this is, "the best-ever recovery. But you know, bottom line, the reason that's the best is because the first and second quarter were the two worst. They were caused by something not economic, they were caused by the pandemic," the first and second quarter economic activity. So Laffer points out this is not a normal recovery, say, in the sense of the Great Depression.
"Laffer said the data from the U.S. Bureau of Economic Analysis (BEA) would show 8% growth from the second quarter, which extrapolated over four quarters would come to an annualized growth rate of 32%." And that's what we've got. Art Laffer said that "the 30-35% range 'a very nice V shaped recovery ... probably the single best quarter ever. But then again, it was the single worst quarter ever in the second quarter,' he cautioned. 'We're just having a very nice, sharp bounce back, which is just what should happen, and it has happened.'
"Laffer, an informal economic adviser to President Trump, including on COVID-19 response, said the Q3 bounceback wouldn't have been possible without strong economic fundamentals. ... Laffer said compared to Europe and other developed nations, the United States has recovered more quickly in part, he believes, because the federalist model of flexible, decentralized government with power exercised at the state level allowed for a more rapid economic reopening in areas that were less at risk of intense COVID outbreaks."
Now, you could extrapolate something from that. Take a look at these blue states that are still locked down, for all intents and purposes. And then imagine what would have happened if those blue states, blue governors, Democrat, if they had opened up even just partially. If New York had just partially opened up. Minnesota, Washington, state of Washington, parts of Oregon.
If they had just opened, then we would have even rosier economic numbers than what we have here. And the country would be doing all that much better as well. I gotta tell you, folks, the bottom line is you cannot get rid of the virus by hiding from it like Dr. Fauci seems to think. You cannot get rid of the virus by shutting down your country for 111 days. You cannot do it.
And they haven't done it in Australia/New Zealand, wherever it is that they think they've beaten it. They haven't. They've just prolonging and delaying the impact of COVID-19 affecting their population. They haven't gotten rid of the virus. They haven't stopped it dead in its tracks. They haven't done anything. All they've done is shut down, kept people indoors, made sure there's no human contact outside of families.
And they're all (slapping) beating their chests and proud as they can be of how they've outsmarted COVID-19. And right there is Dr. Fauci endorsing the whole thing. So is it true that, "it's the economy, stupid," when it comes to elections? I guess we're gonna find out. GDP: 33% growth rate in the third quarter. We have had a 96.5% economic recovery in less than a year.
We have over 17 million jobs created in 3.8 years. The 17 million jobs in 3.8 years includes the jobs created pre-pandemic in the Trump economy. Then we come along... The pandemic hits. We shut down; we lose millions of jobs. Now we are recreating those jobs. So if you add the jobs that were created pre-pandemic, the jobs created in the recovery for the pandemic, we're talking over 17 million.
In eight years, the Obama administration created 12 million jobs. Trump in 3.8 years -- not eight, but 3.8 years -- created 17 million jobs. Biden? Biden has pledged to end 11 million jobs with his economic plan, with his Green New Deal. By definition, the Biden economic plan is gonna force people out of work by shutting various major, powerful industries.
The thing is, a lot of people just don't know, because the Drive-By Media is not explaining the truth of the Biden agenda -- and it really isn't even his. It's Bernie Sanders' agenda. It's Alexandria Ocasio-Cortez and her agenda. Not only is the GDP up, but "weekly jobless claims fell to the lowest level since March." COVID shutdowns then.
"Experts expected 778,000 jobless claims;" we got 751,000, so much less than what was expected. Again, Trump beats expectations. Now, these so-called experts, they really don't expect bad results from Trump. They hope for them -- big difference -- and more often than not, they are disappointed. Grab the sound bite number 2.
This is Charles Gasparino yesterday afternoon on the Fox Business Network. The Claman Countdown. It's Liz Claman's show, and she said to him, "As the markets crater..." 'Cause they were yesterday, on the COVID news and some other things. "As the markets crater and Election Day draws near, how are hedge funders preparing?"
GASPARINO: Hedge fund traders I know -- and these are household names -- they see some, ehhh, light at the end of the tunnel for Trump, that there are ways he can pull out a victory in Pennsylvania. There's a way he can pull out possibly a victory in Michigan. They see the enthusiasm of his crowds. They are looking at specific polling of specific districts and areas that trended for to Trump for last time. Are they trending this time? And they see some pick up there in those battleground states. It's Michigan. It's Pennsylvania. It's Wisconsin. They are looking at polling data that really starts to show that there's light at the end of the tunnel.
RUSH: "For a Trump victory," is what that means. So Gasparino here is saying that the market has not baked in a win for Biden. The market is not proceeding on the assumption that Biden is going to win, and Gasparino says that traders (hedge fund traders and others) are starting to see light at the end of the tunnel for Trump and that it is tightening in the battleground states.
Now, these are people who put their money behind their decisions. By this, I mean they're not... For these people, in many cases, it's not about policy or ideas or politics and ideas or ego and policy ideas. It's about money, and what it means when "they haven't baked in a win for Biden," is that they have not assumed that Biden already has this thing won and therefore they have to adapt accordingly.
They think it's still possible that Trump would pull this out. In fact: "Another Pollster Sees a Trump Win." This a Kyle Smith story in the New York Post. "The president will carry Pennsylvania and prevail in the election, according to Jim Lee of Susquehanna Polling and Research," to go along with the Trafalgar Group's Robert Cahaly.