GDP Archives - The Ohio Star

Economy Shrank More in 2020 Than Any Year Since the End of WWII Despite Fourth Quarter Growth

January 29, 2021January 28, 2021 Ohio Star Staff

The U.S. economy contracted 3.5% in 2020 due to the coronavirus pandemic, marking the nation’s worst economic performance since the end of World War II.

The U.S. gross domestic product (GDP), which measures net services and goods produced by a country, fell 3.5% in 2020 compared to the 2.2% increase in 2019, according to a Bureau of Economic Analysis (BEA) report released Thursday. The overall decline came despite 4% growth in the fourth quarter, the period from October to December, and 38.3% growth in the third quarter, the period from July to September.

Commentary: Trump Economy Grows Record 33.1 Percent in Third Quarter Amid Rapid Recovery

October 30, 2020October 29, 2020 Ohio Star Staff

The U.S. economy blew the barn doors off all other past recoveries with a record, inflation-adjusted 33.1 percent gain in the Gross Domestic Product (GDP) — more than any other quarter in economic history — in the last major economic report before the election in November.

That is great news for the American people, and it certainly bodes well for President Donald Trump in his bid for reelection against former Vice President Joe Biden as the race for 2020 comes down to the wire. It comes as more than 14 million jobs have been recovered since labor markets bottomed in April amid the Covid state-led lockdowns, according to the Bureau of Labor Statistics.

US Economy Surges at Record Rate, GDP Grows 33.1 Percent

October 29, 2020October 29, 2020 Ohio Star Staff

The U.S. economy grew by a record 33.1% in the third quarter of 2020, as employers continue to restore jobs and the country continues to feel the effects of the coronavirus pandemic.

The Department of Commerce figure released Wednesday reflects the rate of decline in U.S. gross domestic product (GDP) during the third quarter, from July to September. The economy plunged by 31.4% in the second quarter of 2020, a record drop caused by government measures to combat the spread of coronavirus, according to The Associated Press.

The U.S. National Debt Has Exceeded the Total Value of the GDP

August 23, 2020August 22, 2020 Ohio Star Staff

The U.S. national debt now exceeds the size of America’s total gross domestic product and the milestone may have been met as early as June, according to a Friday New York Times report.

America’s federal debt stands at around $26.6 trillion — an approximate $7 trillion increase since 2016, according to fiscal data from the Treasury Department. Total U.S. gross domestic product (GDP) was just over $19.4 trillion at the end of June, according to a July 30 release from the U.S. Bureau of Economic Analysis.

US Sees Worst-Ever Contraction for Second-Quarter GDP

July 31, 2020July 30, 2020 Ohio Star Staff

The United States gross domestic product (GDP) fell 32.9% in the second quarter of 2020, the Department of Commerce reported, marking the largest decline the country has ever seen, according to CNBC.

In addition to the record drop in GDP, The Department of Labor reported Thursday that over 1.43 million Americans filed initial claims for unemployment last week, marking a swift economic contraction as coronavirus cases continue to rise across the country.

GDP Drops 4.8 Percent in First Quarter, Largest Decline Since Great Recession

April 30, 2020April 29, 2020 Ohio Star Staff

U.S. Gross Domestic Product shrank by 4.8 percent in the first quarter of the year, a result of stay-at-home orders that shuttered businesses in response to COVID-19.

Ahead of Summit, NATO Agrees to Re-Balance Nations’ Contributions, Slash the U.S. Share

December 2, 2019December 1, 2019 Ohio Star Staff

As Britain prepares for the NATO leaders’ meeting outside London December 3-4, the alliance said Thursday it had agreed to redistribute costs and cut the U.S. contribution to its central budget.

Energy and Mineral Development on DOI-Managed Lands in Nevada Contributed $3.8 Billion in GDP Last Year

October 21, 2019October 20, 2019 Ohio Star Staff

Energy and mineral development on lands managed by the U.S. Department of Interior (DOI) in Nevada contributed nearly $3.8 billion in added value to the state’s economy last year, according to a department report.

Commentary: The Trump Economy Remains Strong Enough as 2020 Fast Approaches

August 1, 2019August 1, 2019 Ohio Star Staff

The Gross Domestic Product (GDP) grew at an inflation-adjusted 2.1 percent in the second quarter of 2019, upping the ante for the remaining quarters in order to get to 3 percent growth for the year, according to data compiled by the Bureau of Economic Analysis.

US Productivity Grew at Solid 3.4% Rate in First Quarter

June 7, 2019June 7, 2019 Ohio Star Staff

U.S. productivity grew at a strong 3.4% rate in the January-March quarter, the best showing in more than four years, the Labor Department reported Thursday. It was an encouraging sign that productivity may finally be improving after a long stretch of weakness. The first quarter gain was more than…

Report: Economic Output in U.S. States Dwarfs Most Countries

June 6, 2019June 6, 2019 Ohio Star Staff

by Bethany Blankley The U.S. gross domestic product (GDP) is more than $21 trillion, dwarfing the economies of most other countries in the world. China’s GDP hovers over $14 trillion; Japan’s over $5 trillion. The U.S. is neither the largest country by land mass nor population (4.4 percent of…

Former California GOP Chairman Lists Nine Ways America Is Moving Towards Socialism

March 19, 2019March 18, 2019 Ohio Star Staff

by Nick Givas Former California GOP Chairman Tom Del Beccaro listed nine ways in which America is moving towards socialism during an appearance on “Fox & Friends” Monday. Del Beccaro said increased government spending and inflated tax codes are just the beginning and claimed they’ll have a domino effect on…

Commentary: The Globalist Mindset Is as Simple as, ‘They Hate You’

December 18, 2018December 18, 2018 Ohio Star Staff

The common target of the populist pushbacks across the world is an administrative and cultural elite that shares a set of transnational and globalist values and harbors mostly contempt for the majority of their own Neanderthal citizens who are deemed hopelessly un-woken to environmental, racial, gender, and cultural inevitabilities.

China’s Economy Isn’t What It’s Cracked Up to Be

October 12, 2018October 11, 2018 Ohio Star Staff

by Gabriella Beaumont-Smith China is a rising economic power that will threaten the United States’ place as the world’s biggest economy. At least, that’s the narrative we’ve become familiar with. But does it really hold up? Economists use gross domestic product to measure the size and growth of national…

Great Economic News Bedevils Trump Detractors

September 19, 2018September 18, 2018 Admin

by Rick Manning The incredibly positive economic data that keeps coming out from both private and public sector sources leads to one overriding question: Will the Trump economic detractors ever get tired of being wrong? Over the course of the past six months, we have heard how tariffs against the…

This Economy Belongs to President Trump, Not Former President Obama

September 14, 2018September 13, 2018 Admin

by Robert Romano You got to give former President Barack Obama credit, at least he’s consistent. When he came into office, the economy was in a deep recession that began when financial markets crashed in 2008, and, he said, he was blameless for the 8 million job losses that occurred,…

For Q2 to Get Back on Track, 4.1 Percent GDP Growth Is the Magic Number

June 20, 2018July 18, 2018 Admin

By Robert Romano When President Donald Trump stood for election in 2016, he set a national goal of getting the U.S. economy to grow 4 percent annually, and maybe even greater than that. Speaking to the Economic Club of New York on Sept. 15, Trump said, “it’s time to establish…