Schumer Statement On 3rd Quarter GDP ReportOctober 29, 2020
Brooklyn, N.Y. – Senate Democratic Leader Chuck Schumer (D-NY) today released the following statement in response to the GDP report on the third quarter of 2020:
“Today’s GDP report provides some good news and some bad news.
“The good news is that the assistance provided in the CARES Act, secured by Senate Democrats, accounts for a large percentage of the GDP growth in the third quarter, helped stabilize our economy and has begun to propel our nation’s recovery.
“The bad news is, President Trump and Senate Republicans have stymied what could have been a much more robust recovery by allowing much of the assistance in the CARES Act to expire and by refusing to provide additional support to millions of American families. Had Republicans joined us in supporting a second robust and bold relief package, the second half of 2020’s recovery would be much stronger than it is anticipated to be.
“Everyday Americans are still hurting and even with third quarter GDP growth as reported today, we’ve lost $600 billion of economic output and our economy will still be down more than 3.5% from where we were at the end of 2019.
“These numbers mask the reality that 23 million Americans remain on unemployment and tens of thousands of small businesses have already gone under.
“Our nation still has a long way to go before we overcome this public health crisis and our economy fully recovers. Much more needs to be done.”