The U.S. Bureau of Economic Analysis (BEA) announced that its “advanced estimate” forReal Gross Domestic Product (GDP) increased at an annual rate of only 4.0 percent in the fourth quarter of 2020, reflecting both the continued economic recovery from the sharp declines earlier in the year and the ongoing impact of the COVID-19 pandemic, including new restrictions and closures that took effect in some areas of the United States. In the third quarter, real GDP increased 33.4 percent (on an annualized basis). Maybe just a coincidence, but the abrupt about-face on the “V” shape recovery coincides with the complete takeover of all policy elements of the federal government by the party that has argued for sustained or renewed shutdowns. Although growth continued in the fourth quarter, the pace wasn’t strong enough to complete a recovery “on the whole” for the year, leaving the GDP in negative territory at minus 3.5 percent for 2020.