One thing than emerged last week from the Democrats’ dark and stilted virtual convention was that Democratic presidential nominee Joe Biden and vice presidential nominee Sen. Kamala Harris are unwilling to run against President Trump’s actual record on the economy.
Lacking any plan of their own to incentivize private sector growth, they attempted to invent two economic strawmen they can run against.
The first is that the COVID downturn was the president’s fault, and the second — even more outrageously — is that he didn’t create more than three years of historic labor market prosperity, but “inherited” it from his predecessor President Barack Obama.
I was proud to see President Trump put that nonsense to rest in his acceptance speech at the White House Thursday night.
The truth of the matter is that this president didn’t “inherit” anything like what he created and sustained until the coronavirus crippled the world economy.
As he said Thursday, “Within three short years, we built the strongest economy in the history of the world.”
After the Great Recession, the Obama-Biden “recovery” never produced more job openings than people looking for work.
President Trump did it month-in and month-out for two years.
The Obama-Biden administration never grew wages above an annualized 3 percent rate. President Trump did, consistently and for 20 months — especially for the lowest-earning American workers. With anemic job opportunities and stagnant wages the Obama-Biden White House also failed to halt, let alone reverse, the decline in labor force participation as Americans dropped out of the labor force. President Trump did.
In addition to inheriting the weakest economic recovery since World War II from the Obama-Biden administration, President Trump also inherited a deadly virus from China.
The coronavirus pandemic created the greatest global economic downturn since the Great Depression. But, unlike his opponents, President Trump was less concerned about whether he “inherited” that situation than he was with fixing it.
On the economic front, he is doing exactly that, and is in the process of accomplishing, for the second time, a feat that Obama and Biden never managed to accomplish even once: a rapid and dynamic economic recovery.
Despite what you might read in the left-leaning media, we are in the midst of an economic surge, it is very real and it was never a foregone conclusion.
COVID’s effect on foreign markets alone might have condemned us to perpetual recession without quick, decisive action to protect the foundations of our economy from permanent damage.
As the president pointed out, he did just that, and over the past three months, the rock-solid fundamentals of the Trump economy have been reasserting themselves, delivering more new jobs and reducing the unemployment rate more than in any three-month period since the government began reporting the data.
“We have seen the smallest economic contraction of any major Western nation, and we are recovering at a much faster rate than anybody,” the president said, citing the 9+ million jobs created from May through July.
After the sharpest downturn on record, we are on track to achieve the fastest quarterly growth ever. The Atlanta Federal Reserve Bank’s GDP now model is forecasting GDP growth of 25.6 percent in the third quarter of this year.
The stock market, which plummeted with the realization COVID had made its way to our shores, has already returned to its pre-pandemic strength.
COVID was a burden for every business in America but especially for the small businesses that employ nearly half of all American workers.
In their time of deepest need, President Trump did everything he could to keep small businesses afloat.
Before the president spoke at the RNC Thursday night, we heard from Debbie Flood, one of those businesswomen who managed to persevere thanks to the Paycheck Protection Program of the president’s Small Business Administration.
If there is another lockdown, as Biden seems to so fervently wish to mandate, it is unlikely that businesses like Flood’s would survive a second time.
“Instead of following the science, Joe Biden wants to inflict a painful shutdown on the entire country. His shutdown would inflict unthinkable and lasting harm,” President Trump wisely warned.
Now, Biden wants us to give him control over the economy so he can increase taxes and government’s role in our lives and our businesses just as we’re rebounding from an unprecedented crisis.
As the president stated, “given the chance, Joe Biden would be the destroyer of American Greatness.”
He “is weak” and “takes orders from liberal hypocrites.”
Biden is “a Trojan Horse for socialism.” Hiding in that horse are admitted socialists Sen. Bernie Sanders, I-Vt. and Alexandria Orcasio-Cortez, D-N.Y. and their ilk.
President Trump truly believes that “America is the greatest and most exceptional nation in the history of the world.” His uplifting and positive message to every American is that, for you, “there is a dream and it is not beyond your reach.”
Let’s go with that on November 3rd. It may have been too late for Troy, but it is not too late for America.
Andy Puzder was chief executive officer of CKE Restaurants for more than 16 years, following a career as an attorney. He is currently a Senior Fellow at the Pepperdine University School of Public Policy. He was nominated by President Trump to serve as U.S. labor secretary. In 2018, Puzder authored "The Capitalist Comeback: The Trump Boom and the Left's Plot to Stop It" (Center Street). His latest piece, a Broadside by Encounter Books titled, “Getting America Back to Work” was released on April 28, 2020.