During his historic 2016 campaign, candidate Donald J. Trump promised to lift the dismal Obama-Biden economy out of years of slow economic growth and stagnant wages. By January 2020, President Trump had more than fulfilled that promise.
Through January 2020, the Trump economy had created 7.3 million jobs – 5 million more than the forecast of the Congressional Budget Office.
The unemployment rate of 3.5% matched the lowest in 50 years, while record-low rates were set or reached for African Americans, Asian Americans, Hispanic Americans, those without a high school diploma, and those with a disability.
On the income front, the news was equally strong. Real wealth held by the bottom half of households grew 39 percent from Q4:2016 to Q4:2019 -- roughly double the growth rate in real wealth gained by the top 1 percent.
In contrast, under the first 3 years of the Obama administration, real wealth held by the bottom 50 percent of households fell 45% while the top one percent saw a 13% increase.
Since reaching its prosperous pinnacle in January of 2020, the Trump economy has had to do battle with a deadly coronavirus that Communist China hid from the world and thereby allowed to spread.
The resulting pandemic has killed over 180,000 Americans, sent 40 million of us to the unemployment lines, and triggered the steepest economic downturn in American history – one that has required trillions of dollars in economic stimulus.
We urgently need President Trump to serve a second term if we are going to defeat the deadly China Virus and hold China accountable for its massive costs to America.
We also need four more years for the greatest jobs president and trade negotiator in history if we are to lift the American economy back to its January 2020 pinnacle and then reach new and commanding heights.
To defeat the China virus, President Trump’s administration is attacking it on at least four different fronts.
First, we are rapidly building, modernizing, and replenishing our Strategic National Stockpile (SNS). Critical to this SNS 2.0 effort is the increased domestic production of personal protective equipment like gloves, goggles, and masks, coupled with domestic production of our nation’s essential medicines through policies like Buy American. This pandemic has vividly taught us that we cannot rely on foreign countries – particularly communist China – for our public health needs.
Second, we have dramatically ramped up testing and now lead the world. We continue to rapidly develop more technologically advanced testing capabilities that can be administered at the point of care and produce immediate results.
Third, we are moving in Trump Time – as fast as possible – to approve lifesaving therapeutics for Americans who become infected with the deadly China Virus. We’ve already gotten drugs like Remdesivir and dexamethasone into our hospitals. Just recently, the FDA approved the use of convalescent plasma, which can reduce the mortality rate by as much as 35%. We are also seeking to rapidly build on these victories by adding additional therapeutics such as monoclonal antibodies.
As a fourth line of attack, under the president’s strategic leadership, the American pharmaceutical industry is likely to develop one or more mass-produced vaccines in less than a third of the time it usually takes – truly Warp Speed! We anticipate such an arsenal of vaccines by the end of 2020 and a thankful return to normalcy sometime in 2021.
To restore the American economy to its January 2020 pinnacle – and then soar beyond – President Trump likewise will need a second term. To paraphrase Honest Abe Lincoln: “Don’t swap horses in mid-pandemic”!
Now here are just some of the actions President Trump will take in his second term:
- Cut taxes to boost take-home pay and keep jobs in America.
- Incorporate Made in America tax credits into our code.
- Expand what have been enormously successful Opportunity Zones.
- Continue our deregulatory agenda for energy independence.
- Offer tax credits for companies that bring back jobs from China.
- Allow 100 percent expensing deductions for essential industries like pharmaceuticals robotics that bring back their manufacturing to America.
- NO Federal contracts to companies who outsource to China.
President Trump will also continue to cut prescription drug prices, cover ALL pre-existing conditions, put patients and doctors back in charge of the healthcare system, lower healthcare insurance premiums, and end surprise billing. And under a Trump administration, both Social Security and Medicare will remain forever sacrosanct.
Under the president’s leadership, and with the tailwinds of policies like the Paycheck Protection Program, the $1,200 Recovery Rebate, and enhanced unemployment benefits, we have already restored over nine million of the 22 million jobs lost. Our immediate goals over the next ten months are to create 10 million new jobs, bring several million more jobs home from China, and create one million new small businesses.
When you consider whether President Trump will actually keep these promises, you should remember this. In his historic June 2016 “Jobs Plan” speech, Candidate Trump made seven essential promises on the economy to the American people, promises such as renegotiating NAFTA, getting tough with the Chinese Communist Party, and branding China a currency manipulator. He kept every single one of those 2016 promises – and he will deliver what he promises you in 2020, safety from the China virus and unparalleled prosperity.
Peter Navarro is the Assistant to the President for Trade and Manufacturing Policy and the Defense Production Act Policy Coordinator.