Record GDP Numbers: Good News and Next Steps

Today’s GDP numbers are good news – but what policies will help people who still suffering and aid a fuller recovery?

Ryan Young, CEI Senior Fellow: “Most of the talk about today’s GDP numbers will be related to the election. It shouldn’t. Presidents don’t run the economy, hundreds of millions of ordinary people do. Fortunately, the news is pretty good. Economic activity is most of the way back to pre-pandemic levels, but not all the way. Policymakers can help the momentum by continuing to waive never-needed regulations that are blocking opportunities for workers and entrepreneurs who are still finding new ways to adapt to life under COVID.” > View the full analysis on Openmarket.org.

Iain Murray, CEI Vice President: “It is remarkable that the economy is almost back to pre-pandemic levels when we consider that whole sectors of the economy have been extremely badly hit. Entertainment, transit, and hospitality, for example, are all still suffering and are likely to continue to suffer. Yet America’s largely free economy has reallocated resources and compensated in a way that a planned economy would not. Technological innovation has aided in this adjustment. Policy makers should be very wary of succumbing to the idea that they can do better and should continue to repeal and reform supply side obstacles to renewed growth.”