FoxNews.com reports that
President Trump on Thursday predicted a “big bounce” as he argued the U.S. economy will recover quickly from the massive hit it has taken because of the coronavirus pandemic — despite 16.8 million Americans losing their jobs in just the last three weeks.
As he teased possible deals to help out the ailing airline industry and help oil prices recover, Trump said he was confident that the flagging U.S. economy would come back from the drubbing taken since it was effectively shut down from the current pandemic.
“The economy is just going to do very well,” Trump said at the daily coronavirus taskforce briefing at the White House. “I think we’re going to have a big bounce…we’re going to open up very strong.”
Trump’s bravado was juxtaposed by the staggering jobs numbers from the week in which 6.6 million more Americans filed for unemployment benefits. Those number now mean that one in every 10 working Americans have lost their job in the last three weeks.
The figures collectively constitute the largest and fastest string of job losses in records dating to 1948. By contrast, during the Great Recession it took 44 weeks — roughly 10 months — for unemployment claims to go as high as they now have in less than a month.
The job market is quickly unraveling as businesses have shut down across the country. All told, in the past three weeks, 16.8 million Americans have filed for unemployment aid. The surge of jobless claims has overwhelmed state unemployment offices around the country. And still more job cuts are expected.
More than 20 million people may lose jobs this month. The unemployment rate could hit 15% when the April employment report is released in early May.
The viral outbreak is believed to have erased nearly one-third of the U.S. economy’s output in the current quarter. Forty-eight states have closed non-essential businesses.
The president’s optimistic outlook on economic recovery is not shared by some of the world’s top economists who say there are emerging signs that any recovery will fail to match the speed and severity of the economic collapse that occurred in just a few weeks. The 2020 presidential and Senate elections likely will take place as the world’s largest economy is still attempting to climb back from the deadly outbreak.
“Anyone who assumes we’re going to get a sharp snapback in activity isn’t thinking about how consumers are going to feel. They’re going to be very cautious,” said Nariman Behravesh, chief economist at IHS Markit. “Households and businesses have seen their finances deteriorate. People are buying groceries on their credit cards.”
If there is one bright spot, it is that Wall Street closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
…Trump’s press briefing began shortly after he finished a phone call with Russian President Vladimir Putin and King Salman of Saudi Arabia regarding global oil prices and the Organization of the Petroleum Exporting Countries. Russia recently announced a deal with OPEC to cut down its oil production in an effort to prop up global prices.
Trump has said that output could be cut by as much as 15 million barrels a day, or about 15 percent of global production, though experts said that was unlikely. Instead, OPEC and Russia announced on Thursday that it cut the amount to 10 million barrels per day, or 10 percent of global supplies. Reductions of five million barrels per day are expected to come from other nations to help alleviate the largestt oil crisis in decades.
When I read the above article, I could not believe how absolutely gloom and doom negative that the writer was about Trump being able to restore our economy to the juggernaut that it was before the Chinese Coronavirus came to our shores.
Then I remembered that Rupert Murdoch was no longer in charge of Fox News Channel, his sons and their Liberal wives were, along with Never-Trumper Paul Ryan, among others.
I believe that the major factor concerning the ability for America’s Economy to come back is the amount of Government Aid given to small businesses to keep solvent so that they will be ready to rehire their staff and open their doors when the time comes.
Small businesses are the backbone of our economy.
Mitch McConnell suggested that more money be allotted to small business right now and Nancy Pelosi and the Congressional Democrats denied it because that would get in their way of tanking Trump’s Economy and making America a Socialist Paradise after they win the 2020 Presidential Election.
American businesses must be ready to hit the ground running once this “National Lockdown” is over with.
Any American with common sense knows that no one ever got a job from a poor man or woman.
The Democrats must be maneuvered into cooperating with the President and the Congressional Republicans in the matter of clearing the pathway for businesses to be able to start the engine of Capitalism moving once again.
If this happens, then just as he did the first time, President Trump will once again use his business acumen to help enable American businesses to rehire and run unencumbered.
Americans will work, they will get paid for their work, and they will spend their paycheck at other businesses, who will in turn hire more employees, etc. The same “geniuses who predict that the American Economy will not recover from this “invisible enemy” are the same ones who said that Trump would never be President and, once he was elected, said that the economy was never coming back.
The “Smartest People in the Room” also predicted that 2.2 million Americans would die from the Coronavirus. That number has been revised to 60,000 and will probably be revised to an even lower number.
Never underestimate Americans.
We can accomplish anything that we put our minds to.
Until He Comes,