A claim by former President Bill Clinton during his Democrat Convention speech that the U.S. economy has fared worse than that of Europe and other nations during the pandemic has been fact checked by Breitbart and the Wall Street Journal and found to be untrue.
While U.S. unemployment did triple during several months of business shutdowns, looking at other economic indicators shows that America is doing better than most other nations so far during the pandemic.
While the U.S. economy contracted 32.9% on an annualized basis during the second quarter of 2020, the eurozone’s economy contracted even more, 40.3%, during the same time frame. Japan is stuck in a severe recession even as the U.S. has begun to grow again.
The Journal called the U.S. handling of the pandemic’s economic fallout “exemplar” and noted that it’s economy only shrank about half as much as Spain, Italy and France and less even than Germany.
That’s because the U.S. pumped around 12% of the value of its GDP into the economy in direct stimulus payments, small business aid, unemployment and tax breaks, which is far more than any of the other countries to which Bill Clinton is comparing it.
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