Like the economy he created, President Trump is healthy and strong and can recover quickly from coronavirus. On behalf of the entire business community, we wish him a speedy recovery.
President Trump's efforts have created the best economy in recent American history. New Census Bureau and Federal Reserve reports show a record increase in American median earnings (especially for minorities), a historic fall in the poverty rate, and reducing income inequality in 2019.
These are just the latest indicators of how the Trump economy's foundations are well-built and can withstand a pandemic shock — to the nation and its leader.
There's no good time for an economy or a president to get hit with a pandemic, but if it has to occur, it couldn't have happened at a better time to a more robust economy or president. (Imagine the national turmoil if this had taken place during the Obama/Biden administration.)
President Trump is now presiding over one of the fastest economic recoveries in the nation's history. His capital 'V'-shaped rally is helping Americans quickly get back on their feet, a stark contrast to the slowest recovery in the nation's history under Obama and Biden following the Great Recession.
Though buried by today's COVID-19 news, the Labor Department released its monthly jobs report today, revealing that the national unemployment rate has fallen below eight percent -- nearly a 50 percent drop in just five months. This is a remarkable achievement. The unemployment rate didn't get below eight percent under Obama and Biden's leadership until September 2012 -- nearly four years after they were elected.
This unemployment rate isn't just a number. It represents real lives and livelihoods. And it was achieved thanks to President Trump making difficult decisions. For instance, it would have been easy for Trump to agree to continue supplemental $600 a week federal unemployment benefits as Democrats demanded.
Yet the president's good sense recognized that this program was creating a disincentive to getting Americans back to work, propping up the unemployment rate. So he fought hard to rein this program in. And the unemployment rate fell significantly as a result.
The president also helped spearhead the Paycheck Protection Program, one of the most successful government aid efforts in the nation's history. The PPP distributed more than $500 billion worth of forgivable loans to more than five million small businesses, saving over 50 million jobs. (Congress should extend this vital lifeline to small businesses still afflicted by the Covid-19 pandemic.)
Joe Biden would threaten this recovery and the robust American economy if elected. As he reiterated in this week's presidential debate, he's open to shutting down the economy again -- a move that would devastate American small businesses. He also seems to have little interest in restoring law and order to Main Streets, which have been infected by left-wing riots and violence in recent months, putting another burden on businesses.
Biden wants dramatic tax increases that would suck resources out of communities to Washington.
He's proposed significant tax increases on small businesses operating as pass-throughs. He has called for a 33 percent tax increase on small businesses structured as corporations. And he wants to eliminate the cap on payroll taxes, creating an onerous new tax burden on employers and employees alike.
Such taxes, combined with his desired radical energy and labor regulations, would cut American small businesses out at their knees.
Biden already had a chance to lead the country through an economic recovery. He failed and doesn't deserve a second chance. We hope President Trump makes a swift recovery so that he can quickly return to the campaign trail and make this case directly to voters.
American presidents embody the nation; never has a president done so more effectively for the economy than President Trump. Both he and his economy can withstand this virus. Bernie Marcus is retired co-founder of the Home Depot and founder of the Job Creators Network.