As you grab your hat on the way out the door to work did you know?
The coronavirus, aka Covid-19, is a scheme to destroy the American economy, to bring down President Donald Trump and to install socialism as a body-politic.
Or, at least, that is what I have read on twitter, other social media and have heard on rush radio and the like.
In February, the nation added 273,000 jobs to the economy and the unemployment rate was only 3.5%. The Trump economy was booming, the stock market was hitting record highs and the American public was confident about the future of the economy. My, how times have changed.
Since that idyllic period, worries about the coronavirus have exploded and the nation’s economy has been essentially shut down, except for certain critical sectors. All indicators have moved to negative territory. For example, the stock market is down about 30% from its February all-time high.
Leading Democratic presidential candidate U.S. Senator Elizabeth Warren (D-MA) has officially unveiled her “Medicare for All” plan. This program is based on fantasy financing. According to Warren, it will cost $52 trillion over ten years, but a middle-class tax increase will not be needed.
Yesterday, our federal debt reached $22 trillion, a new record for our country. Since President Trump took office in January of 2017, our debt has increased over $2 trillion. During the administration of President Obama, the debt increased from $10.6 trillion to $19.9 trillion. Thus, the national debt has more than doubled in 10 years as it is increasing more than $1 trillion per year.
Over the next several weeks, Americans will be going to the polls in the most eagerly anticipated and consequential mid-term election in our nation’s history. Voters will decide whether to continue the President’s agenda which includes cutting regulations and taxes, boosting our military, renegotiating our trade deals, and focusing on border security.
The White House today touted the Dow new record, the record breaking unemployment and other issues.
In elections, Americans usually have an overriding issue on their minds: the economy. In 1992, for Bill Clinton’s presidential campaign, famed political consultant James Carville coined the phrase, “It’s the Economy Stupid!” to highlight their focus.
After the successful Desert Storm operation in the Persian Gulf, Americans were renewing their attention on the economy in 1992. In that election, the economy was in a tailspin and a recession was dampening the financial prospects for millions of Americans.
The U.S. Labor Department released another strong employment report today. It showed that nonfarm payrolls expanded by 223,000, far exceeding expectations of most economists. The unemployment rate dropped to 3.8%, the lowest since April of 2000. For African Americans, the unemployment rate was the lowest on record, at 5.9%.
Donald Trump, unquestionably, had great economic news he had a right to gloat over with the jobs report posting on Friday, an increase of $313,000 jobs for the month of February. The stock market remains strong, the jobs are becoming more plentiful and there is optimism in the air.
Donald Trump's White House has introduced his infrastructure plan which he hopes will not only further fuel the economy which is currently running on high-turbo horsepower but to also build the country's sorely needed infrastructure fixes.
The general concept is to invest $200 million dollars of federal money and combine it with state and private investments.