The left’s reaction to President Donald Trump’s economy over the last few years has been befuddling. Anytime positive data was published, whether on employment or income gains, his opponents thanked President Barack Obama for the incredible growth. However, anytime there were disappointing numbers, like what we saw at the height of the Coronavirus pandemic, the incumbent leader took the blame. Now that the United States is in the first phase on the road to achieving American greatness, leftists will likely attribute all successes to the Democrats’ Chosen One.
It’s the Economy, Stupid!
The National Bureau of Economic Research (NBER) recently made the unsurprising announcement that the nation slipped into a recession in February. This had the left salivating at the idea of Trumpism crumbling, preventing politicians – present and future – from ever enacting a pro-business agenda again. But it was COVID-19 that triggered a steep economic downturn, not a concoction of tax cuts and regulatory rollbacks. The latest wave of economic indicators proves it.
The May jobs report was nothing short of miraculous. The leading experts’ grim forecasts anticipated eight million lost jobs and an unemployment rate just short of 20%. Instead, the U.S. economy added 2.509 million new positions and lowered the jobless figure to 13.3%. Although the labor situation is the worst it has been since the Great Depression, it is more than likely the United States will face the sharpest recession but quickest recovery on record.
And that is not all. Airline and restaurant bookings are climbing, banks say loan repayments are incrementally normalizing, consumer confidence is growing, and the stock market is reclaiming its gains. It is morning in America – again. But how does this bode for the Democrats ahead of the presidential election in November?
Liberty Nation’s Leesa K. Donner recently reported that Obama-era economist Jason Furman told Democrats that “we are about to see the best economic data we’ve seen in the history of this country.” For a party that hyped the Coronavirus crisis, this is a frightening prognostication since it is always the economy, stupid. Sure, the Federal Reserve’s unlimited quantitative easing and Uncle Sam’s blank check may be the chief causes of the nation’s recovery. But most voters are indifferent to the long-term consequences of interventionist fiscal and monetary policy.
Perhaps this is reason enough for the U.S. central bank to be at the forefront of political discourse. But that is another topic for another day.
Despite much of the nation still far from fully hitting the reset button, the economy has reacted much like a shaken soda bottle. All the pent-up demand is inside, and once it is opened, there will be an explosion. The consensus on Wall Street is that there will be a monumental second half, which explains the impressive level of optimism on the New York Stock Exchange and in the broader economy. Everyone may be wearing masks, but you can be sure underneath everyone is sporting a smile.
Well, not the Democrats who have employed the three Rs (racism, Russia, and recession) to undermine Trump. They have continually used them to ensure Trump fails. When the racist narrative weakens, it is time to insert Russia. When Comrade Trump flips, a recession is the talk of the town. When the economy returns to normal, it is back to racism. It is a never-ending cycle – and Trump’s Teflon body armor should be patented for political sustenance.
Finger in the Wind
Except for the militant leftists who are united in their quest to oust President Trump from the White House, most voters typically change their important issues on a whim. Whatever the left-leaning legacy media cover 24 hours a day, that is usually the subject that dearly matters to constituents. Health care was the top subject for the nation heading into 2020. By early spring, the economy was vital. In the wake of George Floyd’s death, civil rights will likely be paramount for the citizenry – for now. By the time the election rolls around, voters will probably cast a ballot based on what is best for their pocketbooks, even if they do not want to admit it. This is why President Ronald Reagan forever changed politics with a simple question: “Are you better off now than you were four years ago?” If you have taken a peek at your 401(k) or your bank account, the answer may be evident.
Read more from Andrew Moran.