Keep the Iowa Standard Going!
America’s economy is strongly bouncing back to the historic heights it reached during President Trump’s first three years in office. Under President Trump in 2019, the average unemployment rate was the lowest in 50 years at 3.7%. African American and Hispanic unemployment rates also hit several historic lows, all in 2019. America gained 245,000 manufacturing jobs in just over a year under President Trump compared to the 192,000 loss under the Obama Administration in the manufacturing sector.
President Trump has not only defied economists’ predictions of economic destruction, but he is also proving that the Great American Comeback is happening faster than the forecast. The economy unexpectedly gained a record 2.5 million jobs in May, which was the largest ever monthly increase, compared to the predicted 8 million job loss. In addition, retail sales for May rose a record 18%, further boosting our economic growth forecast.
Experts have credited these unexpected positive results to the numerous measures taken by President to save jobs and protect the economy during the coronavirus pandemic. In addition to laying out extensive guidelines to help states through the reopening process, the $350 billion Paycheck Protection Program served as an invaluable lifeline by providing loans to businesses with 500 or fewer employees.
Not only has Joe Biden been critical of the Paycheck Protection Program, which has proven beneficial to many small businesses across the country, but it also took Biden two additional months to release his plan to reopen the economy after President Trump released his extensive guidelines. This is further proof that the economy has never been Biden’s strong suit. In 2009, Biden promised that the administration’s economic stimulus would “drop-kick” the U.S. out of a recession, but by 2012 even he admitted it had failed to help many Americans.
Bottom Line: President Trump continues to lead the American economy on the right track for unparalleled economic growth and opportunity, while Joe Biden hides in his basement trying to figure out a plan to fix the economy.