As The President Leads A Great American Comeback, Biden & Democrats Are Spooked
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THE U.S. ECONOMY HAS ADDED NEARLY 7.5 MILLION JOBS IN THE LAST 2 MONTHS AS PRESIDENT TRUMP WORKS TIRELESSLY TO GET AMERICANS BACK TO WORK
The Trump economy smashed expectations again in June, adding 4.8 million jobs, “far better than economists predicted.”
The number of hires increased by 2.4 million to a series high of 6.5 million in May, while layoffs fell fo 1.4%.
June’s “blockbuster” jobs data added to another month of solid gains in May, bringing the total jobs created in the previous two months to nearly 7.5 million.
The services industry, especially hard hit by the coronavirus shutdown, showed “signs of recovery” in June as businesses are increasingly optimistic about the outlook.
The Institute For Supply Management’s Non-Manufacturing Index was 57.1 in June, indicating the service industry is expanding for the first time since the coronavirus crisis.
THE SURPRISE GAINS HAVE RECEIVED PRAISE FROM PUNDITS AND EXPERTS ALIKE
Jan Hatzius, Chief Economist at Goldman Sachs: The payroll numbers were “obviously a large upside surprise.”
David Rosenberg, founder of Rosenberg Research: “There’s no question that the jobs are coming back more quickly than anybody would have anticipated.”
NBC’s Stephanie Ruhle: Today’s jobs numbers are a “big positive.”
CNN’s Christine Romans: Jobs report shows “big hiring.”
CNBC’s Steve Liesman: We’re “bringing a lot of folks back” to work.
CNBC’s Rick Santelli: “Really solid numbers” in the June jobs report.
DEMOCRATS HOWEVER WERE QUICK TO DOWNPLAY THE SUCCESS OF THE TRUMP ECONOMY, CONCERNED IT COULD HURT THEM AT THE BALLOT BOX
Democrats tried their best to downplay news of an economic resurgence:
Democrat Nominee Joe Biden: “There is no victory to be celebrated.”
Senate Minority Leader Chuck Schumer (D-NY): Now is not the time to “take a victory lap.”
DNC Chairman Tom Perez: “What we have in this report is a flicker of good news.”
Though Democrats are publicly critical of President Trump for praising record job gains, behind closed doors they are panicking that the economic recovery could spell disaster for them in November.
Former Obama White House Official, who is still close to the former President, said the level of concern among top party officials is “high, high, high, high.”
Politico: The realization that President Trump is poised to benefit from the dramatic recovery “has many Democrats spooked.”
DEMOCRATS HAVE GOOD REASON TO BE NERVOUS, WHILE PRESIDENT TRUMP IS WORKING TO PUT MIDDLE-CLASS AMERICANS BACK TO WORK, JOE BIDEN HAS VOWED TO HIKE THEIR TAXES
Biden’s plan to repeal the Tax Cuts and Jobs Act on “day one” of his presidency would raise taxes on Americans by an average of more than $1,200.
82% of middle-class Americans would see an increase and lower-middle class households would see the greatest increase as a percentage of their income.
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THE U.S. ECONOMY HAS ADDED NEARLY 7.5 MILLION JOBS IN THE LAST 2 MONTHS AS PRESIDENT TRUMP WORKS TIRELESSLY TO GET AMERICANS BACK TO WORK
The Trump Economy Smashed Expectations Again In June, Adding 4.8 Million Jobs, “Far Better Than Economists Predicted”
Over The Past Two Months, The U.S. Has Added Nearly 7.5 Million Jobs. (Bureau Of Labor Statistics, Accessed 7/2/20)
The U.S. Added 4.8 Million Jobs In June. (Bureau Of Labor Statistics, Accessed 7/2/20)
The Jobs Added Number Was “Far Better Than Economists Predicted.” “The US unemployment rate fell to 11.1% as the economy added a record 4.8 million jobs in June, the Bureau of Labor Statistics reported on Thursday. The data was far better than economists predicted, and the unemployment rate also fell more than expected.” (CNN, 7/2/20)
President And Chief Marketing Officer For The Professional Division Of Employbridge, Joanie Courtney: The “Blockbuster” Jobs Report In June “Speaks To The Strength Of The Economy.” “The ‘blockbuster’ jobs report showing 4.8 MILLION jobs added in June ‘speaks to the strength of the economy.’” (Twitter Feed, 6/2/20)
The Number Of Hires Increased By 2.4 Million To A Series High Of 6.5 Million In May, While Layoffs Fell To 1.4%. (Bureau Of Labor Statistics, Accessed 7/7/20)
The Services Industry, Especially Hard Hit By The Coronavirus Shut Down, Showed “Signs Of Recovery” In June As Businesses Are Increasingly Optimistic About The Outlook
Businesses Reported Last Month That Demand Has Begun To Stabilize And The Pace Of Job Cuts Slowed With Some Companies Starting To Hire Again. “Businesses in both surveys reported last month that demand had started to stabilize and that exports were starting to pick up. The pace of job cuts slowed with some companies starting to hire again.” (The Wall Street Journal, 7/6/20)
- Businesses Are “Increasingly Optimistic About The Outlook.” “Prices rose, another sign of renewed demand. Survey respondents also said they were increasingly optimistic about the outlook, even though overall business confidence remains subdued.” (The Wall Street Journal, 7/6/20)
The U.S. Services Industry Showed “Signs Of Recovery” In June According To Two Surveys Of Purchasing Managers. “U.S. services industries showed signs of recovery in June as businesses took early steps to reopen following the easing of some of the coronavirus-related lockdowns, according to two surveys of purchasing managers released Monday.” (The Wall Street Journal, 7/6/20)
- The Institute For Supply Management’s Non-Manufacturing Index Was 57.1 In June, Indicating The Service Industry Is Expanding For The First Time Since The Coronavirus Crisis. “Readings of 50 or above are a sign of expansion while readings below 50 signal contractions. A separate index compiled by the Institute for Supply Management posted 57.1 in June, the first month-over-month expansion following two straight months of contraction.” (The Wall Street Journal, 7/6/20)
The Service Sector, Especially The Hospitality And Accommodation Industry, Was Partciuarly Hard-Hit By The Coronavirus Shutdowns. “The service sector, especially the hospitality and accommodation industry, was hard-hit by the shutdowns this spring.” (The Wall Street Journal, 7/6/20)
The Service Industry Accounts For About Two-Thirds Of The U.S. Economy, Meaning That An Improvement In The Sector Could Bode Well For Growth In The Third Quarter.” “Services account for roughly two thirds of the U.S. economy, which means that an improvement in the sector could bode well for growth in the third quarter.” (The Wall Street Journal, 7/6/20)
THE JOBS REPORT RECEIVED PRAISE FROM PUNDITS AND EXPERTS ALIKE
Experts Agree, “There’s No Question That The Jobs Are Coming Back More Quickly Than Anybody Would Have Anticipated.”
Jan Hatzius, Chief Economist At Goldman Sachs: The Payroll Numbers Were “Obviously A Large Upside Surprise.” “Jan Hatzius, chief economist at Goldman Sachs, digs into the numbers. ‘If you look at the payroll numbers, obviously a large upside surprise. The household survey was an even bigger upside surprise in terms of the decline in the unemployment rate, especially when you adjust for misclassification.’” (CNBC, 7/2/20)
David Rosenberg, Founder Of Rosenberg Research: “There’s No Question That The Jobs Are Coming Back More Quickly Than Anybody Would Have Anticipated.” “‘I mean, there’s no question that the jobs are coming back more quickly than anybody would have anticipated, including me just a few months ago. But we have to also recognize the fact that the economy was reopening ahead of schedule, so it would make sense that we start seeing some job creation coming back.’” (CNBC, 7/2/20)
CNBC’s Rick Santelli: June Jobs Report Has “Really Solid Numbers.” RICK SANTELLI: “I want to point out, we’re zoom, zoom, zooming on the futures for the equity markets testing 70 basis points not that big a distance these are really solid numbers, which means most of our panel will say they’re meaningless.” (CNBC’s “Squawk Box,” 7/2/20)
CNN’s Christine Romans: Jobs Report Shows “Big Hiring” In June. ERICA HILL: “Breaking news, the labor department just releasing the jobs report for the month of June. CNN chief business correspondent Christine Romans is here with the breaking details. so what are the numbers? CHRISTINE ROMANS: “Big hiring 4.8 million jobs hired in June. Those are people going back to work in retail, leisure and hospitality. Also hospital services, nursing homes, dentist offices, people getting back to work as you’re starting to see only these phase one reopenings here. That meant the unemployment rate fell to 11.1% an improvement over 13% in May.” (CNN’s “New Day,” 7/2/20)
NBC’s Stephanie Ruhle: Jobs Report Is A “Big Positive To See This Much Hiring Across The Board.” STEPHANIE RUHLE: “We saw payrolls up $4.8 million, climbing to over 11%. let’s look at this for a moment. Jobless rate at 11.1%. that’s a drop, so it is a positive. Remember, Savannah, this is a very confusing time. June is when we saw the country start to reopen. all 50 states had some level of reopening. it is a big positive to see this much hiring across the board.” (NBC’s “Special Report,” 7/2/20)
CNBC’s Steve Liesman: June Jobs Report Showing That “We’re Bringing A Lot Of Folks Back” To Work. STEVE LIESMAN: “I want to give you some of the detail, service sector up 4.2 million, leisure hospitality bringing a lot of folks back, 2.1 million. I wasn’t able to look at the revisions to the prior month, manufacturing doing well up 356,000, construction 158, and then retail up 739,000.” (CNBC’s “Squawk Box,” 7/2/20)
DEMOCRATS HOWEVER WERE QUICK TO DOWNPLAY THE SUCCESS OF THE TRUMP ECONOMY, CLEARLY CONCERNED IT WILL HURT THEM AT THE BALLOT BOX
Democrats Tried Their Best To Downplay News Of An Economic Resurgence
Democrat Nominee Joe Biden Was Adamant That “There Is No Victory To Be Celebrated,” After The Labor Department Announced That 4.8 Million American Jobs Were Created In June. “Driving the news: The Labor Department reported Thursday morning that the economy added 4.8 million jobs last month and that the unemployment rate dropped to 11.1% — down from 13.3%. ‘There’s no victory to be celebrated,’ Biden said in a video message from his home in Delaware. ‘We are still down nearly 15 million jobs and the pandemic is getting worse, not better.’” (Axios, 7/2/20)
Senate Minority Leader Chuck Schumer Also Downplayed The Economic News Saying Now Is Not The Time To “Take A Victory Lap.” “Democrats said Washington needed to do more to head off public-sector layoffs. ‘Now is not the time to be complacent or take a victory lap,’ Senate Minority Leader Chuck Schumer said.” (Reuters, 6/5/20)
DNC Chairman Tom Perez Called The Jobs Numbers A “Flicker Of Good News.” “‘What we have in this report is a flicker of good news,’ DNC Chairman Tom Perez said during a Friday press call. ‘We’ve gone from a Category 5 hurricane to a Category 4.9 hurricane.’” (The Washington Examiner, 6/5/20)
Though Democrats Are Publicly Critical Of President Trump For Praising Record Job Gains, Behind Closed Doors They Are Panicking That The Economic Recovery Could Spell Disaster For Them In November
The Washington Examiner Headline: “’This Is My Big Worry’: Obama Officials And Other Democrats Fear Strong, Post-Coronavirus Economic Recovery.” (The Washington Examiner, 5/26/20)
- A Former Obama White House Official Who Is Still Close To The Former President Said The Level Of Concern Among Top Party Officials Is “High, High, High, High.” “‘This is my big worry,’ said a former Obama White House official who is still close to the former president. Asked about the level of concern among top party officials, he said, ‘It’s high — high, high, high, high.’” (Politico, 5/26/20)
The Realization That President Trump Is Poised To Benefit From The Dramatic Recovery “Has Many Democrats Spooked.” “Trump could be poised to benefit from the dramatic numbers produced during the partial rebound phase that is likely to coincide with the four months before November. That realization has many Democrats spooked.” (Politico, 5/26/20)
Former Obama White House Official: “Even Today … Trump Gets High Marks On The Economy, So I Can’t Imagine What It Looks Like When Things Go In The Other Direction. I Don’t Think This Is A Challenge For The Biden Campaign. This Is The Challenge For The Biden Campaign.” “The former Obama White House official said, ‘Even today when we are at over 20 million unemployed Trump gets high marks on the economy, so I can’t imagine what it looks like when things go in the other direction. I don’t think this is a challenge for the Biden campaign. This is the challenge for the Biden campaign. If they can’t figure this out they should all just go home.’” (Politico, 5/26/20)
Democrats Have Good Reason To Be Nervous, While President Trump Is Working To Put Middle-Class Americans Back To Work Joe Biden Has Vowed To Hike Their Taxes
Biden Has Vowed To Repeal The Tax Cuts And Jobs Act On “Day One” Of His Presidency. “Former Vice President and current presidential candidate Joe Biden promised Saturday that on ‘Day One’ of a Biden presidency he would repeal President Trump’s 2017 tax cuts and close $500 billion on tax loopholes. Speaking at the South Carolina Democratic Party Convention, Biden said that ‘Income inequities are at an all-time high and made worse by Trump’s tax cuts and enormous giveaways to the top one-tenth of the 1 percent … and it’s time we start to reward work over wealth.’” (Fox News, 6/22/20)
Biden Said The Money Would Be Used To Finance His Radical Environmental Proposals, Free College And Government Funded Health Care. “Outlining his policy proposals in this visit to the early primary state, Biden said the GOP-backed tax cuts, which have been heavily criticized in some quarters as beneficial only to the rich, have no socially redeeming value. He vowed to ‘put that money to good use.’ Biden promised that, among other things, residual funds from the tax break would be put toward initiatives such as green energy research and development, two-year college tuition grants and a public-option health insurance plan.” (Fox News, 6/22/20)
The Tax Cuts And Jobs Act Will Reduce Individual Income Taxes By An Average Of $1,260 In 2018. (Tax Policy Center, 3/28/18)
82 Percent Middle-Income Americans Will See A Tax Cut In 2018. (Tax Policy Center, 3/28/18)
Lower-Middle-Class Households Would See The Largest Tax Cut As A Percentage Of Their Income. (The Wall Street Journal, 12/18/17)