“This is the fastest recovery from a recession in American history, because in 6 months the unemployment rate down from 13% to 6.7%”— Paul Ebeling
The economic recovery during the global coronavirus chaos is nothing short of a “miracle,” said Trump economic adviser Stephen Moore lamented.
Mr. Moore pointed to The Trump Administration’s Operation Warp Speed working to expedite a COVID-19 vaccine to the world.
“The Operation Warp Speed vaccine was announced a week after the election, which was rather suspicious,” Mr Moore said
That is a tribute not only to Donald Trump and to our free-enterprise system. And yet, because of the FDA, US citizens will get access to the vaccine a month after the Brits get it.
The Big Qs: What is this all about?
The Big As: In a discuss this am with economist Bruce WD Barren, we surmised the following: Just so the MSM, who always take a negative opinion especially when it comes to President Trump, understands that the current US recovery from the virus chaos, considered Herculean to us, is far from being a world record.
That honor goes to Australia, where the unbroken recovery that began in mid-1991 will soon complete its 28th yr but Australia did not confront a pandemic then. So, one must qualify their recovery because that accolade without question goes to The Trump Administration.
Specifically Bruce notes: “Australia and most other countries date their economic expansions using the rule that defines a recession as 2 or more consecutive quarters of negative GDP (Gross Domestic Product) growth. The US is almost alone in using a less mechanical process and a much stricter definition that includes employment and a variety of other economic indicators, in addition to the core criterion of GDP. Notably Japan’s government also departs from the automatic 2-quarter rule where it had 7 recessions between 1993 and 2015, or 1 every 3 to 4 years.
However, a Key reason why Australia’s GDP showed no downturns in the past 28 years is that the country’s population and labor force, considerably smaller that the US, are growing substantially faster than those in the US and other advanced economies, especially in Europe and East Asia.
An Aside: Keep all of the above in mind when thinking about the fast recovery in the US and know that in lockdowns do not halt the spread of the virus, what they do is cause more harm and sickness like depression, illicit drug use and addiction, child abuse, spousal abuse, unemployment plus untimely deaths and suicide.
Have a healthy week, Keep the Faith!