Here’s where the economy stands as the U.S. chooses between Trump and Biden – By Jeffry Bartash (Marketwatch) / Nov 1 2020
Economy has recovered rapidly, but the U.S. is still in recession
Just days before the 2020 U.S. elections, President Trump is touting record economic growth in a last-ditch effort to persuade voters to stick with him. Yet Democratic rival Joe Biden says the U.S. is stuck in a “deep hole” and that the recovery is in danger of stalling.
Who’s right? The presidential candidates have sharply contrasting views on the economy, but they are both telling a version of truth.
The economy has recovered from the coronavirus pandemic faster than expected, to be sure, but by most measures the nation remains in a deep recession. What’s more, the record rise in daily new coronavirus cases in October threatens to sap a recovery that was already losing momentum.
“The economy is getting better, but the rate at which it is getting better has slowed in the past few weeks,” said chief economist Richard Moody of Regions Financial. “The question going forward is whether and to what extent it slows.”
Here’s a look at the pillars of the economy as voters prepare to select the next occupant of the White House.
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