Chart of the Day: GDP Growth in Q3

No surprises today: GDP in the third quarter grew significantly:

The chart above is the normal look at GDP growth, but since the last two quarters featured such unusual behavior it might be better to take a different kind of look:

Give or take a bit, we’re still about $1 trillion below where we’d otherwise be, so the effects of the coronavirus are very definitely still with us.

In other news from the BEA release, personal income was down by half a trillion dollars and personal savings were down by $2 trillion. The drop in income was due to the end of pandemic relief programs, and the drop in savings was due to families drawing down their savings to make up for lost income. Roughly speaking, families used part of the money from the CARES Act to bolster savings and then started spending it down when that assistance ended.

The Q3 increase in GDP was driven entirely by the private sector, led by big increases in purchases of durable goods and commercial equipment. The federal government did nothing to help, decreasing its spending thanks to the end of the CARES Act.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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