We are seeing the fastest economic recovery in US history
Under President Trump, America built the strongest economy the world has ever seen. The stock market broke and continues to break records, the unemployment rate dropped to its lowest marks in 50 yrs, and income inequality fell as blue-collar jobs returned to our country.
Then, as a virus from China spread across the globe, President Trump made the difficult but necessary decision to shut the economy down to slow the spread of C-19 coronavirus
Now, as we safely reopen, our economy is surging back faster than anyone imagined or predicted:
- America added over 9-M jobs from May through July beating market expectations 3 months running. President Trump’s historic, bipartisan relief package alone is estimated to have saved over 50-M jobs.
- Retail spending has fully recovered and is now at an all-time high.
- Industrial production rose for the 3rd straight month in July, with factory output up 3.4% last month after a 5.7% surge in June.
- The NAS Comp and S&P 500 stock indices are trading above or near record highs once again, lifting Americans’ 401(k)s.
That result is No accident.
After the financial crisis more than a decade ago, it took America over 4 yrs to regain 9-M lost jobs. But following the Coronavirus shutdown, it took The Trump Economy only a few months to accomplish that.
“We had such a strong foundation that we are recovering much faster than anybody anticipated,” President Trump said at a news conference last Saturday.
In addition to pro-growth, pro-worker policies long before the crisis—including tax cuts, deregulation, renegotiated trade deals, and more—President Trump responded to the medical chaos by using the Defense Production Act to lead the greatest mobilization of American industry since World War II.
The Trump Administration has exercised the DPA and related authorities 78Xs so far, dispersing over $3.5-B to speed the development and manufacture of essential materials here at home.
As a result, GM repurposed its Kokomo, Indiana, plant in just 17 days. It has now produced over 21,000 ventilators.
Other companies, including Ford Motor Company, GE, 3M, and Puritan Medical have partnered with the Federal Government to ramp up production of everything from N-95 masks to testing swabs. This nationwide effort is boosting American manufacturing, creating jobs, reshoring supply chains, and replenishing our Strategic National Stockpile.
“New factories, businesses, and laboratories are being built all over America to match our Nation’s demand for personal protective equipment, pharmaceuticals, drugs, testing supplies, therapeutics, and vaccines,” President Trump said.
Among optimistic economic signs is an all-time high in business formations filed with the IRS, including high-propensity applications that are likely to lead to new wage-paying businesses.
President Trump’s “Made-in-America” strategy is Key for defeating this virus, important for restarting our economy and essential for restoring our country’s promise.
Have a healthy day, Keep the Faith!