July 3, 2020
Permission to republish original opeds and cartoons granted.
Trump economy adds back between 7.8 million and 8.8 million jobs in two months, well ahead of schedule
The U.S. economy has added a record
7.8 million to 8.8 million jobs back in May and June, according to the Bureau
of Labor Statistics’ respective establishment and household surveys, bringing
the reported unemployment rate down to 11.1 percent even as the number of
Americans returning to the civilian labor force following the COVID-19 pandemic
shutdowns continues to increase. This is incredible news because it means for
certain that the labor market hit its bottom in April, the same month the
IHME-estimated number of new cases daily was peaking at about 250,000 on March
29, down to an estimated 70,000 new cases a day now. In addition, the payroll
protection plan enacted by President Donald Trump and Congress appears to be
playing a crucial role in the rapid recovery. As the country moved past the
worst of the pandemic in April, states have slowly been easing restrictions,
resulting in the rapid economic upswing and job creation we’re experiencing
today, a good sign for the rapid recovery nobody but President Donald Trump was
forecasting just a few months ago. Now, for two consecutive months, the numbers
are confirming the President’s faith in the U.S. economy and the American
people, who are anxious to get back to work.
Cartoon: America’s Freedoms Matter
Are we celebrating independence or
destruction?
Video: Frank McCaffrey on being a proud American
ALG correspondent Frank McCaffrey reflects
on being a proud American.
Economy comes roaring back, Chinese-originated virus job losses almost cut in half in May and June
Americans for Limited Government
President: “Almost 5 million Americans got a job in the month of June, marking
the second straight month of economic recovery after our nation’s economy was
ravaged by the after effects of the Chinese-originated virus… As President
Trump’s landmark ending of NAFTA, replacing it with the new USMCA trade deal
with Canada and Mexico, which protects intellectual property, ends currency
manipulation, allows more dairy products to be sold to Canada and makes manufacturing
in America even more desirable, took effect yesterday, the economic pieces are
coming into place to create a robust second half of 2020. It is important to
remember that from April 2019 to February 2020, fewer Americans were unemployed
than at any time since January of 2001, even though the civilian labor force
was almost 22 million people larger in February 2020.”
Trump economy adds back between 7.8 million and 8.8 million jobs in two months, well ahead of schedule
By Robert Romano
The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.
This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.
As the country moved past the worst of the pandemic in April, states have slowly been easing restrictions, resulting in the rapid economic upswing and job creation we’re experiencing today.
In addition, the payroll protection plan enacted by President Donald Trump and Congress appears to be playing a crucial role in the rebound.
Usually, in a recession it takes on average about 11 months to lose all the jobs and for labor markets to hit their bottom.
In the current case, it only took two months to hit the bottom from the February reading of 158.7 million in BLS’ household survey of Americans reporting they had jobs down to 133.4 million in April. Now it’s back up to 142.2 million and accelerating after two months, a good sign for the rapid recovery nobody but President Donald Trump was forecasting just a few months ago.
On April 27, Trump stated in a Rose Garden press conference with the , “I think you’re going to have a recovery… [W]e had the greatest economy ever in the history of our world, and I had to turn it off in order to get to a point where we are today. And now we’re making a comeback. And I think we’re going to have, economically — from an economic standpoint, next year — an unbelievable year. And I think that you’re going to see a fantastic fourth quarter, and the third quarter will start to build. But the second quarter, obviously, you’re going to have GDP lack of growth.”
Now, for two consecutive months, the numbers are confirming the President’s faith in the U.S. economy and the American people, who are anxious to get back to work.
Some headwinds will include how and at what rate states are able to safely reopen their economies, and importantly, their schools, with some districts anticipating limited in-person class offerings and more distance learning even in the upcoming academic year.
The more restrictions states have in place — some states are closing bars and limiting capacity at restaurants again amid an temporary uptick in daily confirmed COVID-19 cases — and the longer children are forced to stay home from school, the longer it will take for the economy to fully recover.
Usually, it takes on average about 15 months for the economy to recover the jobs lost in a recession, sometimes sooner and sometimes later.
Still, with the jobs numbers now growing at a record clip, and with a vaccine actively in development, we’re ahead of schedule.
As we celebrate our independence on July 4, so too can we begin to celebrate the nation’s independence from the Chinese coronavirus that did so much to claim so many lives and devastate the nation. Today, we’re one step closer.
Robert Romano is the Vice President of Public Policy at Americans for Limited Government.
To view online: http://dailytorch.com/2020/07/trump-economy-adds-back-between-7-8-million-and-8-8-million-jobs-in-two-months-well-ahead-of-schedule/
Cartoon: America’s Freedoms Matter
By A.F. Branco
Click here for a higher level resolution version.
Video: Frank McCaffrey on being a proud American
To view online: https://www.youtube.com/watch?v=TNmXAogeCZc
Economy comes roaring back, Chinese-originated virus job losses almost cut in half in May and June
July 2, 2020, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement on the latest jobs numbers:
“Almost 5 million Americans got a job in the month of June, marking the second straight month of economic recovery after our nation’s economy was ravaged by the after effects of the Chinese-originated virus. Since the bottom of the temporary, but dramatic economic slowdown almost 8.8 million Americans have gotten jobs, meaning almost one-half of the COVID job losses have been erased since the two-month economic shutdown sidelined a between a little more than 17 million workers.
“With many Governors in states like New York, Illinois and California effectively continuing to turn a blind eye to the economic ravages of the shutdown response, and many Americans remaining cautious about re-entering the normal day to day activities that were taken for granted in February of this year, it is almost a miracle that the our economy has risen so rapidly.
“As President Trump’s landmark ending of NAFTA, replacing it with the new USMCA trade deal with Canada and Mexico, which protects intellectual property, ends currency manipulation, allows more dairy products to be sold to Canada and makes manufacturing in America even more desirable, took effect yesterday, the economic pieces are coming into place to create a robust second half of 2020.
“It is important to remember that from April 2019 to February 2020, fewer Americans were unemployed than at any time since January of 2001, even though the civilian labor force was almost 22 million people larger in February 2020.
“The economy was very strong when China lied to the world about the COVID virus, continuing to allow flights from the Wuhan Province to Europe and Asia, even as they shut down domestic travel from the site of the virus’ origin. Now, because of that underlying strength, the economy is recovering. Let’s hope that those Democrat operatives and their gubernatorial allies who have publicly worried that a recovering economy helps President Trump’s re-election for once put the economic well-being of the people above their petty political interests.”
To view online: https://getliberty.org/2020/07/economy-comes-roaring-back-chinese-originated-virus-job-losses-almost-cut-in-half-in-may-and-june/
