11.4 million. That’s how many new jobs the U.S. economy has added since May—when experts were still predicting that the unemployment rate would hit 20 percent and that American job losses would continue to mount for months to come.
Instead, President Trump has led what is on track to be the fastest economic recovery in U.S. history, the Council of Economic Advisers says. During the last five months, more than half of all job losses from the pandemic have already been recovered.
That’s no accident. Following the Great Recession, the Obama-led “recovery” required over two years to achieve an unemployment rate of 8.4 percent. Under President Trump, Americans accomplished that goal in one month earlier this year.
Two big reasons explain the difference. The first is that President Trump’s pro-growth, pro-worker agenda makes our economy’s fundamentals stronger. In 2019, before Coronavirus swept the world, American incomes hit a record high while U.S. poverty rates hit a record low. Median incomes saw their biggest one-year jump ever.
When America is strong, it can withstand any global recession and bounce back quickly. President Trump cut taxes, fixed overregulation, replaced NAFTA, brought back manufacturing jobs, and held China and others accountable for breaking trade rules.
The second reason is that President Trump took targeted action to help American workers and families after the Coronavirus outbreak.
Instead of exploiting the global crisis to grow the reach of government and pass unrelated legislation—something Democrats love to do—the Trump Administration negotiated the CARES Act, implemented the Paycheck Protection Program, extended supplemental unemployment benefits, paused student loan payments, and halted evictions.
Just yesterday, the Administration took more action to protect American jobs by tightening the requirements on foreign worker visas. A new rule will limit the ability of corporations to replace American workers with cheap foreign labor—especially important as our economy reopens from the pandemic and more of our citizens look for jobs.
“No one can compete with American workers when they’re given a fair and level playing field, which has not happened for decades,” President Trump said.
Democrats in Congress, unfortunately, aren’t interested in more bipartisan, targeted relief. Instead, Speaker Nancy Pelosi stuffed her bill with a far-left activist wish list, including ending voter ID requirements and bailing out profligate state governments.
“Speaker Pelosi continues to throw out all kinds of reasons for the failure on the negotiations, other than looking in the mirror,” White House Chief of Staff Mark Meadows told Fox News this morning.
Even without Democrats’ help, President Trump is keeping his promise to put American workers and families first. In addition to the fastest economic recovery in history, America leads the world in Coronavirus testing and is on track to deliver a vaccine by the end of this year, thanks to the record-setting Operation Warp Speed.
This historic result—and the important actions that led to it—don’t often make the headlines. The corporate news media has different priorities than most Americans do. But the real-world impact felt in living rooms across our country matters far more than the partisan gossip coming out of newsrooms in Washington, D.C., or New York.
“The last time the unemployment rate fell this much following its peak occurred between 1982 and 1999 following the global oil crisis, requiring almost 18 years, five presidential terms, and three administrations,” the Council of Economic Advisers writes.
“The recovery the United States is witnessing now is almost 41 times faster than that.”