Despite all attempts by Democrats to kill President Trump’s thriving economy, they failed.
The WuFlu pandemic hoax exploded in their faces with the George Floyd manmade “crisis”. As thousands of mostly Democrat-funded rioters burn and loot cities, the idea of social distancing evaporated. Outside of Americans smartly social-distancing from Leftists, the country has decided enough is enough.
Thus the bad news for Pelosi and team. The dire economic numbers created by the lockdown presented President Trump with a major opportunity: rebuild his economy. Only this time, he’s not rebuilding an anemic, quantitatively-eased Affirmative Action economy he inherited from Barack “Baby Black Jesus” Obama. Instead, Trump now refurbishes his own economy. And that economy was “strong like bull”!
In what must be one of the most robust economic reports in American history, the U.S. economy added 2.5 million jobs in May. Also, the unemployment rate fell from 14.7 percent to 13.3 percent.
Because the country is moving again, employment increased significantly in leisure and hospitality (1.2 million), construction (464,000), education and health services (424,000), retail trade (368,000), and the area Obama said Americans could kiss goodbye…manufacturing (225,000).
Things were so good for Trump, Chuck Schumer celebrated by complaining.
Reporter: Senator, this better than expected jobs number, what does that tell you?
Schumer: It tells us that we still have a way to go.
Hysterical that Schumer refused to acknowledge the reality of the numbers. Sadly for him and other America-hating Democrats, this is only the beginning.
Imagine what will happen month after month leading into the election, as millions more join the ranks of the employed?
Does Guinness have a record for Presidents in how fast they can build and rebuild an economy? If they do, I know who the new record-holder will be.
The country hasn’t even fully opened, yet the numbers are staggering.
On March 16 of this year, the Dow fell almost 3000 points. The largest single-day loss in its history. I remember when the Dow fell 600 points under Obama, and they cut off trading. But a Trump economy can forego the bad news, as that economy is backed with real value.
Keep in mind, the median of all private-sector forecasts predicted 7.5 million job losses in May and an unemployment rate of 19.2 percent. These forecasters apparently still believe Obama is president to have such a pessimistic view of things.
Clearly, the delta between expectations of 10 million additional job losses (wishful thinking of Democrats and their doomsday economists) and the reality of unemployment falling and 2.5 million job created vexes many who wished for an economic disaster on Trump’s watch. But the worst news is yet to come for Leftist naysayers, as the trend line looks even better.
In May, there were 15.3 million people on temporary layoff. Also, there remain an estimated 4.9 million people who had temporarily lost their jobs, but counted as employed but “not at work for other reasons.”
Many of these jobs are expected to return over the next few months as holdout governors are forced to reconcile with reality. Further, May’s labor market flows show people not dropping out of the workforce any longer. The current flows mimic that over the past 12 months, prior to the hoax.
More great signs
In May, the average weekly hours increased by 0.5 to 34.7 hours—the highest level since the series began in 2006. In other words, businesses are playing catch-up, and thus need workers for longer periods. And for production and non-supervisory employees, this measure increased by 0.6 to 34.1 hours—the highest level in 19 years. These are the low-level employees who need jobs the most.
As of the latest report, 73 percent of small businesses are now open—up from the pandemic-low of just 52 percent right before the April jobs report’s reference periods. Considering small businesses represent 80 percent of the jobs, you get an idea of the scale of the numbers. 27 percent of small business has yet to put its adrenaline into the economy.
And the 73 percent of businesses that are open are nowhere near capacity. Absurd social distancing mandates continue and the latest curfews both hurt businesses. Still, the economy won’t be restrained.
The stock market which fell below 20,000 on March 16 passed 27,000 recently. That’s 7,000 points over the low less than 3 months ago, and 2,000 below all time highs.
I predicted on my radio show that the stock market would reach 29,000 prior to the election, and it blew through that number. I think the market will crest 30,000 with ease.
Know that President Trump will not take his foot off the pedal. He recognizes what the trillions of stimulus accomplished. And he won’t squander those funds. In fact, he will make sure that each dollar works harder than the next.