The reopening of the American economy from its Medical Malpractice chaos led lockdown helped provide the 1st positive jobs report since the instant recession as millions of furloughed workers returned to work in May. The grim estimates of the economist were 10-M out of phase.
Now and for the next 4 months we will see millions of American jobs come back. And we can look and see that the medical emergency instant recession will have been cured in a V shaped recovery by The Trump Administration and the Trump led Fed. The economic damage for the most part fixed quickly marking the greatest economic recovery in history.
President Trump’s next aid/relief package will insure that much of the ecnomic pain will have been mitigated.
Ok, the overbuilt junk food service sector will have been shrunk, offsetting that will be Real food at home, leading to tighter families and better health.
The 5% hole that some economists rant about is nothing compared to the 95% overall benefits achieved by innovative changes in American businesses.
The federal program aimed at preserving jobs at small businesses, the Paycheck Protection Program, has contributed to the NFPs gains in , Maymany of those loans will be forgiven in the rehirings.
Last week, Congress extended from 8 wks to 24 wks the frame PPP borrowers can use to rehire workers and lowered a requirement that 75% of the money be used for payrolls to 60%. Thus enhancing the jobs recovery into the Fall, that will lead to a great holiday season for America’s retailers. The market is telling that already, as the retail sector has begun to come alive again.
In my telephone interview with economist Bruce WD Barren declared: “ This recovery will cause a new economy to be developed in the U.S. The older techniques of doing business will fall be the wayside, with e-Commerce plus research and development particularly in the medical industry leading the way. new products will more quickly be introduced and old, tired retailers laid by the wayside – either restructured or bankrupt. Shopping malls will also see deterioration even though there will still be consumer interest for in-store shopping, Foreign sourced supply, particularly for critical medical products, will return to our native soil, with more emphasis on quality and controlled supply versus lower labor costs,with an acceleration for new employment opportunities.”Bruce is Chairman of The EMCO/ Hanover Group
There is no question that the excesses will be pared and the pattern reverses and snaps back to the line.
Have a healthy weekend, Keep the Faith!