Archive for the ‘Economy’ Category

This article provides more information that points to President Trump’s rocketship recovery. For those who’ve forgotten about that presidential prediction, here’s a refresher:

But I digress. This article points to a strong, perhaps fantastic, recovery. The article opens by saying “In signs an economic recovery may be picking up speed, U.S. home sales rose at a record rate for a second straight month in July, and purchasing managers in both the manufacturing and services sectors report business activity has accelerated at a brisker-than-expected pace this month.”That points to a strong first month in terms of GDP. July is the first month of Q3, 2020. While it’s far too early to make predictions, this data offers a hopeful start to Q3. This does, too:

With mortgage rates holding near record lows and a work-from-home trend apparently enticing many Americans to move further from city centers, the National Association of Realtors said on Friday sales of existing homes rose 24.7% to a seasonally adjusted annual rate of 5.86 million units last month from 4.7 million in June.

Home prices also shot to a record $304,100, and a shortage of inventory is making competition for houses fierce. The average time on the market fell to 22 days in July, a record low, from 24 in June, and nearly 70% sold in less than a month. Combined with June’s 20.2% gain, home sales have mushroomed by nearly 50% in two months to fully retrace the cratering in residential real estate activity in the spring after the COVID-19 pandemic started spreading across the country.

If this continues, the economy will be the biggest issue in this election cycle, with COVID and Law and Order following close behind. The thing that’s indisputable is that President Trump’s policies created one of the best economies in our nation’s history before COVID, aka the China Virus, took the economy down. Now, President Trump’s policies are starting another strong economic recovery. President Trump has already proven that he knows how to implement the right economic policies. Joe Biden can’t honestly do the same. The Obama-Biden recovery was the weakest since the Great Depression.

Meanwhile, a purchasing managers’ survey showed U.S. business activity snapped back to the highest since early 2019 in August as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country.

Rocketship recovery, here we come. That’s an awful lot of positive economic data.

Despite their protestations otherwise, the Democrat National Convention was a flop. The ratings were terrible. Barack and Michelle Obama told voters that they were upset with voters for not voting in 2016. Bill Clinton lectured the nation about conduct in the Oval Office. Hillary Clinton insisted that President Trump had stolen the election, once again refusing to admit that she was a terrible candidate who ran a terrible campaign.

Last night, Joe Biden used his acceptance speech to inform us that “Character is on the ballot. Compassion is on the ballot. Decency, science, democracy. They are all on the ballot.”

This morning on Fox & Friends, Vice President Pence said that “The economy is on the ballot. Law and order is on the ballot.” Pence added that the Democratic nominee’s policies, which he said were “overtaken by the radical left” would “simply invite more violence and more mayhem in our streets.” Then Pence “added that ‘there was so much negativity, nothing but ad hominem attacks’ and ‘a very negative view of America’ at the DNC.”

As a result of the Democrats’ boring, mean-spirited convention, something unusual has happened:


President Trump got a post-DNC bounce. In 2004, John Kerry didn’t get a bounce from the Democrats’ Convention. It’s one thing, though, to not get a bounce. It’s quite another to have the incumbent get a bounce coming out of his challenger’s Convention. I don’t recall this ever happening before since I started votingin 1976.

I’m certain that President Trump will get a bounce from his Convention. That’s because a) President Trump has a positive message to offer the American people, b)the RNC learned from the DNC’s mistakes this week and c) President Trump is a charismatic figure, something that can’t be said about Joe Biden. Also playing into the uplifting message from the RNC is the theme for the week. That theme is “Honoring the Great American Story.” Each night will have its own theme, too:

On Monday, the convention theme will be the “Land of Promise,” Tuesday’s will be the “Land of Opportunity,” Wednesday will focus on the “Land of Heroes” and events culminate in the “Land of Greatness” on Thursday.

It’s been reported that each of the primetime speeches will be live and that President Trump’s acceptance speech will have a live, socially-distanced audience from the White House South Lawn.

The thing that came through the most from President Obama’s speech to the DNC was that his thin skin still is his dominant insecurity. A quick perusal of his speech exposes his thin skin. For instance, it’s painfully obvious when he said “The one Constitutional office elected by all of the people is the presidency. So at minimum, we should expect a president to feel a sense of responsibility for the safety and welfare of all 330 million of us — regardless of what we look like, how we worship, who we love, how much money we have — or who we voted for.”

President Obama should read a newspaper once in awhile. When Andrew Cuomo failed his state in preparing for the next epidemic by not stocking up on ventilators and PPE, President Trump got him those supplies. When Cuomo panicked about his hospital capacity, President Trump built a 2,900 bed hospital inside the Javits Center. Then he sent the USNS Mercy into New York Harbor to supplement the existing supply of hospital space, including ICU units. It should be noticed that New York didn’t vote for President Trump. Nonetheless, he got things under control without hesitation.

I have sat in the Oval Office with both of the men who are running for president. I never expected that my successor would embrace my vision or continue my policies. I did hope, for the sake of our country, that Donald Trump might show some interest in taking the job seriously; that he might come to feel the weight of the office and discover some reverence for the democracy that had been placed in his care.

But he never did. For close to four years now, he’s shown no interest in putting in the work; no interest in finding common ground; no interest in using the awesome power of his office to help anyone but himself and his friends; no interest in treating the presidency as anything but one more reality show that he can use to get the attention he craves.

First, it’s rich to hear that the man who famously talked about using his pen and phone to get things done:

Further, it was his fierce desire for his successor to continue his policies. When President Trump won, President Obama used holdovers from his administration to sabotage President Trump’s administration. Instead, President Trump ripped up President Obama’s regulations meant to cripple the energy industry by using the Congressional Review Act 16 times.

Then Trump removed the US from TPP, renegotiated NAFTA, slapped tariffs on China, authorized the building of the Keystone XL Pipeline and cut taxes to bring jobs homes from overseas. Included in the Tax Cuts and Jobs Act was something Tim Scott figured prominently in — Opportunity Zones — which led to the lowest minority unemployment rates in our nation’s history.

That wasn’t all. After that, the man that Democrats call Orange Man Bad dramatically increased funding for HBCUs. He did that after signing into law the First Step Act, which the first black president didn’t have time for in 8 years. The First Step Act is undoing the damage done to black families by the 1994 Crime Bill that then-Sen. Joe Biden inflicted upon black families.

Donald Trump hasn’t grown into the job because he can’t. And the consequences of that failure are severe. 170,000 Americans dead. Millions of jobs gone while those at the top take in more than ever. Our worst impulses unleashed, our proud reputation around the world badly diminished, and our democratic institutions threatened like never before.

This is typical Obama. He intentionally omits the fact that the jobs are returning at a record pace. with 9,300,000 jobs created in the last 3 months. It’s also typical Obama for him to say “while those at the top take in more than ever.” Under the Trump administration, blue collar workers’ wages increased at a significantly higher rate than white collar wages increased, thereby shrinking the gap of income inequality that exploded during the Obama administration.

As for the US’s “proud reputation around the world badly diminished,” the truth is that Obama’s international reputation is diminished, not Trump’s. Finally, our “worst impulses unleashed” is accurate, just not in the way Obama means. BLM rioted in Portland earlier this week, putting a white man into the hospital after he crashed his truck. Looters invaded Chicago’s Miracle Mile, justifying it as reparations. Those riots are on Ted Wheeler and Lori Lightfoot, the Democrat mayors in charge of Portland and Chicago, respectively.

President Obama can’t stand the thought that his successor has a lengthy list of accomplishments. Obama hates it because it puts his microscopic list of accomplishments to shame. If only he’d taken his job seriously.

Michelle Obama’s speech at the Democrat National Convention was both bizarre and disgusting. She started by saying that she loves this country with all her heart and that it pains her to “see so many people hurting. I’ve met so many of you. I’ve heard your stories and, through you, I have seen this country’s promise.” So much BS, so little time to go through all of it.

First, there’s 18 minutes of my life that I won’t get back. Next, here’s a golden oldie that suggests Mrs. Obama isn’t being honest with us:

Twelve years ago, Mrs. Obama said “For the first time in my life, I am proud of America.” It’s impossible to love America with all of one’s heart when you weren’t proud of it the first 40 years of one’s life. I don’t doubt that Democrats bought that BS hook, line and sinker. I’m confident that most thinking people detected a bunch of BS in that part of Mrs. Obama’s speech.

Later in her speech, Mrs. Obama said that a president’s words “have the power to move markets. They can start wars or broker peace.” President Obama’s decisions brought an unstable region to the brink of war. President Trump’s diplomatic team have worked tirelessly to walk us back from that precipice. Then they went to work to undo the JCPOA that threatened the Middle East. Next, President Trump’s diplomats built a bridge between Israel and the UAE.

President Obama’s ‘experts’ said getting out of the JCPOA would destabilize the region. We were told that establishing relations with Iran would start building a framework for peace. By throwing Israel under his bus, President Obama destabilized the Middle East while unintentionally driving Israel and the Saudis into a partnership.

This morning, President Trump critiqued Mrs. Obama’s speech:

Trump responded Tuesday morning to the first keynote speaker, former first lady Michelle Obama, by launching more Twitter broadsides against former President Barack Obama. “Somebody please explain to @MichelleObama that Donald J. Trump would not be here, in the beautiful White House, if it weren’t for the job done by your husband, Barack Obama,” Trump wrote.

In her speech, Mrs. Obama said this:

“Whenever we look to this White House for some leadership, or consolation, or any semblance of steadiness, what we get instead is chaos, division, and a total and utter lack of empathy.”

Let’s clarify something, Mrs. Obama. President Obama exceled at creating divisions. The first act of dividing the country came when he rejected all of their ideas for his stimulus plan. Another act of division was when he was asked about a police arrest of a college professor. President Obama said “I don’t know what happened. I just know that the police acted stupidly.” Mrs. Obama, does that sound like a man of empathy to you? It doesn’t sound like it to me. It sounds like a man stoking the fires of racial tension.

When it comes to increasing racial tensions, President Obama was skilled at throwing gas on raging racial fires. That’s what he did in Ferguson. He bought the “Hands up, don’t shoot” BS hook, line and sinker. Racial tensions didn’t start during the Trump administration. They started with Cambridge, then got stoked with Ferguson, then Baltimore.

Mrs. Obama said that President Trump is in over his head. That’s an outright lie. Here’s President Trump’s Twitter reply to that statement:

If anyone tells you that Democrats aren’t economic illiterates, don’t trust them. This article highlights just how stupid (perhaps dishonest?) Democrats are. According to the article, “Senate Minority Leader Chuck Schumer, speaking from the Senate floor, warned that the ‘economy is failing’ and ‘state and local governments are cutting essential services. We’re going to see layoffs, and this is not an abstract concept,’ Schumer said Sunday during an interview with ABC’s “This Week.” ‘You know, the Republicans say ‘the blue states.’ A firefighter is a firefighter. A person who drives a bus, a person who picks up the garbage — those are important jobs.”

First, someone should explain to Sen. Schumer that the first responsibility of government is to protect the people. That means that police and firefighters shouldn’t be on the list of budget cuts until there’s a complete economic collapse. Period. Further, the city doesn’t have to collect garbage collection. People are perfectly capable of doing that themselves.

Third, as I’m writing this, the DJIA is up another 250+ points. That’s on top of yesterday’s 350+ point gain. That tells me that they see brighter days ahead. On top of that, we had another robust jobs report last Friday, where we found out that 1,763,000 jobs were created. That brings the total number of jobs created for May-July, 2020 to 9,300,000. Watching this interview is difficult, at least when watching Gov. Cuomo begging and AOC chasing businesses from New York:

Bailouts, begging and tax increases isn’t a recipe for economic prosperity. These days, though, that’s apparently the Democrats’ economic plan:

Treasury Secretary Steven Mnuchin, one of the lead White House negotiators, called Democrats’ request for $1 trillion for states “an absurd number,” saying there’s “plenty” of cash available already for the governments. “We’re not going to give a trillion dollars for state and local,” he said during an interview with CNBC on Monday. “That’s just not a reasonable approach.”

NYC, for example, is a total disaster. People are leaving fast. That’s why Gov. Cuomo is begging them to return. That has no chance of working until NYC stops taxing people to death. That won’t change until Mayor de Blasio gets serious about preventing crime and prosecuting rioters.

Let’s be truthful about this. NYC won’t get turned around until there’s a new mayor. Finally, if there’s a more famous economic illiterate than AOC, I wouldn’t know who it’d be. She’s an embarrassment.

Anyone that thinks that the Democrats didn’t misplay the relief negotiations is kidding themselves. I’ll stipulate that using executive orders to get what he wanted isn’t exactly the method I’d prefer. I’d prefer using the system to get things done. When Pelosi’s and Schumer’s Democrats insist on holding the people hostage on unemployment and eviction relief, which is what they tried, then I’m perfectly fine with President Trump handing them their arses.

Yesterday on The Five, Dagen McDowell broke out the whipping stick to paddle Ms. Pelosi’s butt. Dagen said “President Trump really found a sweet spot for what the economy and the American people need right now. They do need extra money. People who can’t go back to work need extra money in unemployment benefits. The $600 went away. Many argued that was too generous. It was an incentive to stay home. They were getting more on unemployment than they would be if they were back on the job. … The President has the Democrats in a vice-grip. Either the Democrats have to give in to what Republicans want or they’re gonna fight the President on giving people money, people who need that money. I’ve been a financial journalist for about a quarter of a century and, in technical terms, what we witnessed over the weekend were some folks getting their asses handed to them.”

That’s exactly right. This hasn’t been a great year for Nancy Pelosi. She tried pushing Mitch McConnell around on rules for the sham impeachment trial. McConnell told her that he didn’t care if she didn’t send the articles of impeachment over. He didn’t want them anyway. After COVID hit, Pelosi delayed the passage of the CARES Act while negotiating for Democrat Wish List items. She’s done that now 3 times. Each time, President Trump got the better of the negotiations. Now, she’s back for another attempt.

Pelosi keeps getting her arse handed to her because she’s constantly trying to throw extra wish list junk into these relief bills that has nothing to do with providing relief to people. By doing that, Pelosi looks like a hyper-partisan loser who puts partisanship ahead of the people. That’s the fast track to defeat.

I think that this is a turning point in the campaign. President Trump looks compassionate. Democrats look like partisans. That isn’t the image that Democrats want heading into the final stretch of the campaign.

I’ll have more on that front later today. This isn’t the position Democrats want to be in.

Saturday afternoon, President Trump essentially told Nancy Pelosi and Chuck Schumer that he was tired of them negotiating in bad faith when he signed 4 executive orders that suspends the “Payroll Tax through remainder of 2020,” continues “the moratorium on evictions”, extends “unemployment benefits” and defers “student loan payments.”

That left President Trump looking like a hero to struggling families while simultaneously making Pelosi and Schumer look like Ebenezer Scrooge. Their joint statement sounds like sour grapes from start to finish:

Today’s meager announcements by the President show President Trump still does not comprehend the seriousness or the urgency of the health and economic crises facing working families. We’re disappointed that instead of putting in the work to solve Americans’ problems, the President instead chose to stay on his luxury golf course to announce unworkable, weak and narrow policy announcements to slash the unemployment benefits that millions desperately need and endanger seniors’ Social Security and Medicare.

“These policy announcements provide little real help to families. For instance, not only does the President’s announcement not actually extend the eviction moratorium, it provides no assistance to help pay the rent, which will only leave desperate families to watch their debt pile higher. Instead of passing a bill, now President Trump is cutting families’ unemployment benefits and pushing states further into budget crises, forcing them to make devastating cuts to life-or-death services.

Let’s remember that Nancy Pelosi once said during the Obama administration that unemployment checks stimulated the economy. Trusting her with the economy is as foolish as trusting Robert Francis O’Rourke with protecting the Second Amendment, trusting Bernie Sanders with the nation’s health care or trusting AOC with environmental policy. Nick Arama’s article highlights what happened yesterday:

Now these are incredibly popular moves. But Trump made them. And it means the Democrats don’t get to hold Americans hostage for their agenda. So therefore Democrats are going to fight against them despite the fact that they’re popular and help Americans. Not because Democrats truly have any principled objection to them, but simply because they can’t hold Americans hostage any more to get what they want.

There are 3 possible outcomes. One possibility is that Democrats sue, then win. That means they win the lawsuit but lose with voters. Another possibility is to sue and lose. That’s the worst outcome because they lose the lawsuit and they lose with voters. The other possibility is to just let President Trump’s executive actions take place. That’d give President a clean political victory.

The Trump EOs are the right prescription for what’s ailing the economy. The Pelosi-House bill invests in government and some extraneous things. The Trump plan invests in families. The differences between the 2 plans is startling.

President Trump’s economic policies are making it difficult for Democrats to criticize him. The July jobs report was better than expected, creating 1,763,000 new jobs while dropping the unemployment rate to 10.2%. While this is the smallest month of job creation since the shutdown ended, it’s still a strong number. The total number of new jobs created the last 3 months is 9,300,000. That’s the largest 3-month gain in US history.

Two months of record-setting payroll growth slowed in July but was still better than Wall Street estimates even as a rise in coronavirus cases put a damper on the struggling U.S. economy. Nonfarm payrolls increased 1.763 million for the month, the Labor Department reported Friday. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones.

Meanwhile, it’s worth noting that Ms. Pelosi hasn’t issued her monthly statement on that month’s jobs report. When the June Jobs Report showed that the economy had created 4,800,000 jobs, Ms. Pelosi ignored that statistic in her statement:

The early June snapshot in the jobs report, when the economy was opening up too early, does not reflect the coronavirus spiraling out of control, forcing communities that had begun to reopen to close once again.

“Unemployment continues to be higher than any previous period since World War II. We have reached 15 straight weeks of more than 1 million Americans applying for unemployment insurance and tens of thousands of new coronavirus cases reported each day, as the critical lifelines that are helping to keep American families and communities above water expire. Economists, scientists and even the Chair of the Fed have indicated that if we don’t deliver the investments in The Heroes Act, we will end up in a worse place economically and health wise.

With negotiations hitting an impasse on a 4th ‘stimulus’ bill, what will Pelosi criticize this time? Will she criticize the fact that we didn’t create as many jobs in July as we created in June? If June’s job creation numbers were record-setting, why didn’t Ms. Pelosi mention them when we broke that new record?

Pelosi and Schumer finally issued this joint statement on the July jobs report:

The latest jobs report shows that the economic recovery spurred by the investments Congress has passed is losing steam and more investments are still urgently needed to protect the lives and livelihoods of the American people. Millions of Americans are still hurting and yet, despite this reality, President Trump and Republicans appear ready to walk away from the negotiating table to do unworkable, weak and narrow executive orders that barely scratch the surface of what is needed to defeat the virus and help struggling Americans.

We remain committed to continue negotiating and reaching a fair agreement with the Administration, but we will not go along with the meager legislative proposals that fail to address the gravity of the health and economic situation our country faces. We call upon the White House’s negotiators to join us once again at the negotiating table today to secure a bipartisan agreement to put children, families and workers first.

There’s no proof that the recovery is slowing. It’s true that job creation numbers will eventually shrink. It’s impossible to picture the economy creating 3,100,000 jobs per month indefinitely. That’s more than 12,000,000 jobs created per year.

It isn’t surprising that CNN is carrying the Democrats’ water on the $600 ‘bonus’ through the unemployment system:

This isn’t a typical election. That’s why it’s important to throw this year’s polling out. It’s junk on steroids. This year, Democrats are on the wrong side of some unpopular issues.

This year, Democrats support defunding the police. Biden, Pelosi and Schumer insist that they don’t support defunding police when asked. Unfortunately for these Democrats, the Squad is driving this issue, along with local leaders who hate the Democrat establishment. This will be one of the top 2 issues, in my estimation, along with COVID.

Speaking of COVID, that’s the only important issue where VP Biden leads, although by not that much. It isn’t that this isn’t important. It’s that people get it that it isn’t a life-changing problem for people other than seniors and those with weakened immune systems.

President Trump holds a substantial lead over Biden on the economy, which will help President Trump in the battleground states. Thursday in Ohio, President Trump rallied with factory workers at the Whirlpool factory in Clyde, OH. On the road from the airport to the plant, Trump supporters were lining the roadway:

Karl Rove ridiculed the Biden campaign for saying that they added staff in Ohio and had purchased ad time in Texas. According to Rove, the Biden campaign hired 2 staff in Ohio and bought $65,000 worth of advertising in Texas. That isn’t a serious effort. You’d need millions of dollars per week in Texas to compete. You’d need 25+ additional staffers to compete in Ohio.

Another ‘issue’ that favors President Trump is something that I haven’t seen written about that often. The only person who frequently writes about it is Salena Zito. If she isn’t part of your trusted reporter list, you’d better add her ASAP. I call it the ‘rebuilding communities’ issue. Thanks to the various trade deals that’ve been signed and the anti-energy industry regulations, small towns throughout Michigan, Ohio and Pennsylvania were decimated. The deregulation has helped these communities rebuild after years of neglect. These are the so-called forgotten voters that then-Candidate Trump appealed to. The trade agreements and hardline positions against China have helped manufacturing, too.

These things have led to a rejuvenation within these Rust Belt states. These aren’t getting much in the way of headlines. That doesn’t mean people on the ground haven’t noticed. Remember how many reports questioned the existence of hidden Trump voters last time. The ‘experts’ didn’t admit that they existed until 9:30 election night.

Trump supporters won’t self-identify in advance. They’ll just show up and vote. That’s why I expect President Trump to be re-elected and for him to have a GOP majority in both the House and Senate.

Joe Biden is attempting to look like a leader on the China Virus. It’s failing because he’s proposing to do things that President Trump did months ago. They sound reasonable at first blush. That’s because they’ve been implemented months ago:

The former vice president swung into his spiel: “I talked early on about the Defense [Production] Act” to order companies to manufacture essential items, he said. Mr. Trump invoked the DPA March 27 to force General Motors to step up ventilator production.

Then, Mr. Biden said, “you need more testing.” More than 50 million tests have been conducted in the U.S., 754,858 on Tuesday alone. Next, he said, “insist that everyone wear masks.” The White House Coronavirus Task Force and Centers for Disease Control and Prevention recommended on April 3 that everyone wear masks in public.

To help the economy, Mr. Biden proposed to “make sure that people are in a position where they can maintain their businesses.” Mr. Trump signed the Cares Act on March 27, providing $349 billion in partially forgivable small-business loans, later raised to $659 billion. His next idea was to guarantee “no one has to pay for contracting COVID and being treated for COVID.” The Trump administration announced April 3 it would use Cares Act money to pay hospitals that treat uninsured people for Covid-19.

Remember that this Reid-Biden interview happened on July 20. Way to go, Joe. You got around to proposing your China virus plan 3+ months after President Trump implemented this plan. Moving at that speed, we’re sure to defeat the virus before the end of President Trump’s successor’s 2nd term.

With regard to a vaccine, Mr. Biden said it was essential to “have a command officer now . . . to put together exactly how that will be distributed to over 300 million Americans.” Gen. Gustave F. Perna, head of Army Materiel Command, was appointed chief operating officer of Operation Warp Speed on May 15 to accelerate vaccine production and distribution.

Again, Biden is late by 2 months. Can’t this guy get anything done fast? I’ll tell you what Biden did in March. We can’t forget this golden oldie:

Joe Biden’s economic plan will produce a recession:

The former vice president’s July 9 economic plan, for example, proposes to raise $3.2 trillion in revenue over the next decade. It would do so by increasing taxes not only on the top 1% but on every American. The nonpartisan Tax Foundation says it “would lead to lower after-tax income for all income levels” and reduce the nation’s gross domestic product.

That’s before Biden would reimpose the industry-crippling regulations that temporarily killed the coal industry and the energy industry. By comparison, President Trump’s policies have made the US the world’s largest producer of energy. We don’t rely on foreign energy anymore.

Another example: Mr. Biden’s July 14 climate plan calls for closing every natural gas and coal-fired power plant within 15 years. They now produce 60% of America’s electricity. It’s probably impossible to achieve, but even trying would raise everyone’s utility bills and endanger millions of jobs in the energy and power sectors.

It’s time to reject this hostage of the far-far-left. We can’t afford his incompetence.