The economy is spurred by the three highest job-creation months in recorded history – an astounding recovery from the coronavirus pandemic. But many in Congress are standing in the way of economic progress.
Aug. 8, 2020-
Many workers are learning what business owners and stock market investors also know – America has significant reasons to hope despite the pandemic.
Why?
Undeterred by the devastation caused by the coronavirus arrival from China, the stock market remains near historic highs as a result of investors’ confidence in the Trump Administration’s economic and other policies.
With 1.8 million new jobs in July, the unemployment rate has plummeted to 10.2 percent.
“These improvements reflect the continued resumption of economic activity that had been curtailed ue to the coronavirus (COVID-19) pandemic and efforts to contain it,” says William W. Beach, commissioner of the Bureau of Labor Statistics.
Where are the jobs? “In July, employment rose in several major industries, with the largest gains in leisure and hospitality, government, retail trade, professional and business services, other services, and health care,” he adds.
Highest job growth in history
Furthermore, America is experiencing the strongest job growth in history. In just the last three months, the Trump Administration policies have led to 9.3 million in new jobs.
Considering the current recession is the worse than the 1930’s Great Depression, this is a stunning development.
Also noteworthy: Compared to the lackluster recovery efforts of the Obama-Biden years following the Great Recession, this is miraculous.
It took the Obama Administration 62 months – five years and two months – to add 9 million jobs. That’s a paltry performance compared the Trump Administration’s record-setting pace.
There were 130.5 million jobs when the Great Recession ended in 2009. But in Sept. of 2014, there were only 139.5 million jobs.
Again, fast forward to the noteworthy three job-creation months in 2020: in May there were 2.7 million jobs; June, 4.8 million; and July, 1.6 million.
All of this has been accomplished despite the strong headwinds of COVID-19.
Yes, many Americans are still struggling. But for many, their situations are improving. The number of people on unemployment decreased by more than one million in July – a dramatic decrease of 7 percent.
All of this signifies that many businesses and workers are again smiling as they did in the pre-coronavirus momentum. Trump Administration policies prompted America’s strongest economy in history.
Unleash private sector
But more needs to be done to unleash the private sector. Instead of pushing an ideological agenda, Congress needs to focus on enabling businesses to hire people.
The $600 increase per person in unemployment benefits from the CARES Act is absurd because it impedes businesses from luring back their employees who are now receiving more money in benefits than they earned at work.
But Democrats are balking. They refuse to back off and instead demand billions of dollars in aid for poorly run Blue states. Just as cities such as Seattle, Los Angeles and New York City, the states were in trouble before the pandemic began.
The money could be better invested by helping schools to safely reopen. That would mean reconfiguring classrooms, systems for testing and monitoring of symptoms, air filtration and protective equipment.
Children need to be educated. And parents need to go to work, not stay at home, just as businesses need employees.
This would further accelerate America’s economic comeback.
From the Coach’s Corner, see the Op-Ed contributions of economist Peter Morici: His economic forecasts and economic analysis.
“There’s no trick to being a humorist when you have the whole government working for you.”
-Will Rogers
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