Archive for the ‘Steve Mnuchin’ Category

By now, everyone living in civilization has heard that the U.S. economy created 4,800,000 jobs in June. Not only that but the unemployment rate dropped from 13.3% to 11.1%. That doesn’t mean that Democrats didn’t try splashing cold water on the report. Pelosi’s statement is classic partisanship:

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.

The economy created 7,500,000 jobs in the last 2 months but Ms. Pelosi insists on accentuating the negative. In fact, she’s lying to make things seem worse than they are. Saying that the coronavirus is “spiraling out of control” is as stupid as when Ms. Pelosi said that “Republicans were trying to get away with murder, George Floyd’s murder”:

What a whack job. Yes, we’re experiencing a spike but we know what we need to do to get that under control. Potentially, that’s a momentary blip because it’s easily fixed. Joe Biden’s tax hikes aren’t a momentary blip. Those would be permanent. The Democrats’ tax policy would certainly push corporations back overseas, which means lower wage growth, lower workforce participation rates, lower consumer confidence and higher unemployment rates for minorities and women.

Speaking of Biden, he apparently couldn’t wait to look stupid:

Biden noted that only a third of the jobs lost in March and April have returned and stressed that “most of those jobs that returned are people on temporary furlough. That means these were the easiest jobs to get back as we reopened cities and states. It’s only going to get harder from here though.”

Nobody thought that we’d get all 40,000,000 jobs back in a month, Joe. The whole point of the PPP was to make sure small businesses could ramp back up the minute we got past the hardest part of the virus. If that’s the criteria, then the PPP, which Nancy Pelosi delayed twice in her attempt to get a few extra items on the Democrats’ wish list, is a huge success.

That bill wasn’t put together by Joe Biden, Nancy Pelosi or Chuck Schumer. The PPP was put together by people like Steve Mnuchin, Peter Navarro, Mike Pence, Chuck Grassley and Mitch McConnell. If Biden is elected, only Grassley would be there to put together economic packages that actually work.

Do we really want to return to the Obama-Biden days of shipping jobs overseas? Shouldn’t we prefer the great pre-COVID Trump economy over the 8 years of lackluster economic growth of the Obama-Biden economy?

Apparently, Nancy Pelosi and Chuck Schumer want to be blamed for the economic hardship Americans are experiencing. It’s apparent because the Paycheck Protection Program has used all of its $350,000,000,000. President Trump knew that the money was going fast. That’s why he’s given Steve Mnuchin the responsibility to negotiate another appropriation of $250,000,000,000 with Nancy Pelosi. The problem is that she’s nowhere to be found.

Politicians, experts and bankers had been warning the program would run out by the end of this week or sooner without additional appropriated funding. But Congress has been locked in a stalemate over a possible $250 billion extension, with congressional Democrats pushing for additional funding for hospitals and state and local governments. Lawmakers have been on recess themselves as part of an effort to avoid further spread of the virus through large groups.

We were told that hospitals would be overwhelmed, that they’d run out of the supplies that they’d need to fight COVID-19. USNS Mercy was sent to Los Angeles Harbor while the USNS Comfort was sent to NY Harbor. The Javits Center was turned into a 2,900-bed hospital. Each of these facilities have been vastly underutilized.

That isn’t saying that hospitals aren’t hurting. I wrote this post to highlight this:

Mayo Clinic has unveiled a plan to cut $1.6 billion in pay, withdraw nearly $1 billion from its financial reserves and save another $700 million through a hiring freeze to counteract a $3 billion loss inflicted by the coronavirus. A large portion of this loss was the result of Governor Tim Walz’s ban on non-essential procedures that has cost Mayo up to 75% of its business in some areas.

I’m not saying that we should return to business-as-usual. That would be foolish. Those aren’t the only 2 options, though, are they? Why aren’t governors working to put plans in place that would incorporate the CDC’s recommendations into workplaces?

Last night, Mitch McConnell and Kevin McCarthy issued this statement:

This did not have to happen. Republicans have been sounding the alarm for more than a week. Last Thursday, Senate Republicans tried to pass a narrow and clean bill that would have simply put more money into this critical program without changing any of the underlying policies that passed the Senate and the House unanimously. Democrats blocked it. Even as the program is saving millions of American jobs, Speaker Pelosi has said she sees “no data as to why we need” to keep funding it.

It has been stunning to watch our Democratic colleagues treat emergency funding for Americans’ paychecks like a Republican priority which they need to be goaded into supporting. Funding a bipartisan program should not be a partisan issue. The notion that crucial help for working people is not appealing enough to Democrats without other additions sends a strange message about their priorities.

The cost of continued Democratic obstruction will be pink slips and shuttered businesses. We hope Democrats see reason soon and finally heed Republicans’ repeated calls for a funding bill that can quickly earn unanimous consent from all 100 senators and become law.

Thanks to Schumer’s and Pelosi’s temper tantrum, small businesses will get hurt, perhaps to the point of shutting down forever. Those bankruptcies will be solely on Sen. Schumer’s and Pelosi’s and the Democrats’ hands. Democrats are the idiots that fought against sending these people a lifeline. Democrats are the people who thought that this crisis shouldn’t go to waste. Democrats are the politicians that thumbed their noses at blue collar workers. That’s whose getting hurt the most by small businesses shutting down. The big corporations that Democrats constantly rail against have other ways of getting help. There was a time when Democrats cared about blue collar workers. That time is gone. Democrats just proved with their inaction where their allegiances are.

Kelli Ward’s op-ed in Newsweek contains the right medicine for restarting the U.S. economy. Dr. Ward writes that, just as the first COVID-19 task force has recommended regulations that slowed medical innovation, so must President Trump’s economic task force eliminate regulations that cause economic stagnation:

Just as first task force identified places where our medical regulations sometimes hindered the swift action required (such as forcing the FDA to rapidly approve clinical trials for potential life-saving medicines), the new task force needs to identify the abundance of regulatory obstacles standing in the way of an economic jump start. From the start, the Trump Administration has done an exceptional job removing burdensome regulations to foster a booming economy. As America returns to work post-coronavirus, it is imperative that we finish the job by eliminating every remaining shred of unnecessary red tape that holds our economy back.

It’s also critical that the task force represents diverse sectors of our economy, starting with a robust delegation of small businesses. In addition to mom-and-pop small businesses, the travel, hospitality and food service industries have been clobbered and all deserve to have a seat at the table. Other considerations should be given to restaurants, live events and sports leagues, as well as all other entertainment and leisure industries.

The first important step is rejecting Sen. Schumer’s and Nancy Pelosi’s government-centric initiatives. When was the last time regulations created a FedEx or a Microsoft? When did government interference help ignite an economic upswing? The answer to both questions is never.

Dr. Ward is right about this, too:

Furthermore, the task force should avoid making one-size-fits-all pronouncements on entire cities, states and regions. As someone who lives in flyover country, I can tell you that many Arizonans have felt inundated by a big-city-only perspective on the crisis. While our hearts are with our fellow citizens in New York City, I can assure you some parts of the country can and would reopen now if given the opportunity. The same approach should be applied to entire sectors of the economy. Many industries will have to enact new protocols to ensure the worker safety in order to restart. The second task force can and should provide guidance on those protocols.

One-size-fits-all policy-making is fantastic — if everyone’s needs are exactly the same. Thinking that the manufacturers’ needs are the same as the financial industry’s needs or the agribusiness’s needs is foolish. The task force should have people who’ve built strong economies on it. It requires people like Larry Kudlow, Art Laffer, Steve Mnuchin. It requires small business entrepreneurs. Bernie Marcus and Steve Forbes should be part of the task force, too.

Speaking of one-size-fits-all vs. federalism:


I can’t say it better than that. I’ll leave it at that.

If President Trump staffs this task force on Tuesday, then it’s imperative that they start the research on rebuilding the economy on Wednesday at the latest. While it’s important to get people physically healthy, it’s essential that we get people financially healthy, too. The best way to do that is to eliminate punishments on entrepreneurs. Imposing taxes are required to run a government. Imposing regulations are required for running an orderly society. Too much of either, though, leads to economic stagnation.

By morning, if not faster, it’s virtually certain that the MSM will intentionally mischaracterize the Trump administration’s plans for the economy. That’s how they roll. The key to understanding the administration’s plans, look no further than Treasury Secretary Steven Mnuchin’s quote.

In a statement to Fox News, Mnuchin said “The president is very much looking at how we can reopen parts of the economy. There are parts of the country, like New York, where obviously this is very, very concerning. There are other parts of the country where it’s not.”

Kudlow added “The president would like to reopen the economy as soon as he can, and we are planning internally,’ adding that the spread of the CCP (Chinese Communist Party) virus is what will determine when the economy can be reopened. ‘I am hoping … we’re only a few weeks away from a reopening. We’ll see.”

In other words, President Trump isn’t planning on opening the economy by opening NYC a week after Easter. The thought that the administration is planning this suggests that there’s some thoughtfulness involved. Larry Kudlow has helped build some pretty dynamic economies in his career. Why shouldn’t we think that he’s capable of rebuilding the economy another time? It’d be one thing if we were asked to trust someone for the first time. That isn’t the case this time. Mr. Kudlow helped build the original Reagan economy that created 20,000,000 jobs.

This is exciting news on the COVID-19 front:

“Everybody who knows me knows that I am very conservative about making projections, but those are the kind of good signs that you look for,” White House task force member Dr. Anthony Fauci said during a televised briefing on April 6. “That’s the first thing you see when you start to see the turnaround.”

The COVID-19 virus, aka the Chinese Communist Party virus, isn’t to be taken lightly. Still, there’s increasingly positive sign appearing daily. At some point, it’s time to unleash this economy again. It was creating millions of jobs. Wages were rising at 3.1%. Unemployment was at 3.5%. There isn’t much chance it’ll pick up right where it left off. Still, there’s no doubt that it won’t perform well again. This isn’t the Obama administration asleep at the switch this time.

Dr. Fauci answers when we’ll return to normal during this briefing:

Like the title of an old book, “normal is a setting on a dryer.” There’s no question that it’ll take awhile to forget this virus. Some of the dire predictions won’t happen, either.

Still, there’s lots of stuff that we’ll learn from this virus, including whether we should’ve shut down the economy like we did. The easy answer is that we should’ve shut it down but that position is losing popularity due to the fact that we’re realizing that many of our decisions were guided primarily by fear. Fear, aka panic, isn’t the best basis for policy-making.