Even in a volatile political year with endless crossovers, it seems that once voters actually start casting their ballots, it is reasonable to assume that one traditional factor will still motivate most voters: Which candidate can create more prosperity? At this score, President Trump had an impressive weekend, and his performance shines in contrast to Joe Biden’s week of embarrassed stumbles.
On Friday, the Bureau of Labor Statistics released its July job report in July, revealing that America added 1.8 million new rental homes and lowered the national unemployment rate to 10.2%. This report records as the third-highest month ever, and the combined total of three months of newly created jobs stands at 9.3 million. To be sure, much work remains to be done to return our country to the booming labor market we enjoyed in early 2020 before our world was rocked by a new virus that raged around the world, threatening the world economy crashen. The damage remains real and widespread, but recent macro data also points to recovery, as green shoots are abundant. For example, last week’s ISM Manufacturing Index roas to the highest level in 1.5 years, when factories backed up powered. On the consumer side are the most recent existing homes sale achieve the largest monthly increase ever, as historically low mortgage rates boost buyer confidence.
Cautiously, many of the news media sought to reverse this encouraging trend of economic renewal. “July Jobs Report could show losses as Coronavirus spreads,” CNBC had warned its audience a week earlier. Instead of a correction, the network is doubled. On Friday, one CNBC anchor market analyst Jim Cramer put it this way: “It’s less about what the numbers say today and more about how you extrapolate what you think they will mean next month and the month after. How do you see it? ? ”
“I see nothing here that makes me confident,” replied Cramer, who said the moral of adding 1.8 million new jobs is that Americans should wear more masks and continue with social distance. “If we do not do that, those numbers will go back.”
And so it went. ‘The truth about the job report,’ blared New Yorker magazine. “Yes, unemployment has fallen,” warned 538, “but the recovery seems to be slowing.”
As someone who has actively studied and transacted for months about my reports during my 25-year career on Wall Street trading, I can confidently say that this pay report was just good news. And the deeper it goes, the better it looks. For example, the statistics under the blockbuster header number reveal a Spanish unemployment rate rate that has now decreased by almost five percentage points in just the last two months. Anyone trying to throw cold water on this kind of rental expansion – probably from the heyday of lockdowns – is peddling agenda-driven interpretation instead of actual reporting.
Then on Saturday, President Trump unilaterally broke the dysfunctional Washington logjam by issuing executive orders to cut wages for workers, provide continuously improved unemployment relief to those still looking for work, and all payments for postpone student loan for the rest of the year. These measures ensure that the violent, but still nascent, recovery can sustain itself – and accelerate. Unfortunately, House of Representatives Nancy Pelosi and her lieutenants refused to renegotiate in good faith, insisting on massive federal bailouts for desperate liberal states to draft legislation designed to raise wages for working-class Americans while they offer extended assistance to the financially vulnerable who are harmed by no fault of their own.
Rather than gaining confirmation from the immense Democrats, President Trump has outmaneuvered the speaker and helped the citizens he serves. Although critics in Washington are shouting, including some from the political court, Trump is acting swiftly because this is a unique crisis. In addition, the president did so without establishing new bureaucracies as government agencies. He also did not create a lasting federal law program. After all, the president gave sensitive relief to a population that had just regained its footing. His actions provide tangible benefits to foster the indecent – the confidence needed to inspire the enterprise and creative spirit of American fighters.
In contrast to this weekend of stellar news for our country and strong action from our president, Joe Biden was hit by the worst week yet of his general election campaign. First, he canceled his trip to Milwaukee to personally accept his party’s nomination. By bailing out Wisconsin, he reminded state voters how Hillary Clinton applied them. Biden also struggled through his hectic digital meetings from his basement redoubt. It got so bad that he and his staff had to issue several statements for various in-house comments, including the suggestion that black Americans are all equal. Pray too cruelly mocked a reporter to inquire about his cognitive health, and openly admit that he has not taken the toughest tests he has previously had about completing it.
This divergence of the past few days suggests a tightening of the elections, and several studies indicate that this is happening. According to the interview of RealClearPolitics average, Biden’s lead has fallen by four percentage points over the past two weeks. If last week is a prologue, by our national decision day in November, Americans will include an administration that has shown how to effectively manage virus risks while governing the great economic engine of the United States. One weekend in August marked the contrast of Donald Trump as a brave leader at the helm, forging a national renaissance, against Joe Biden as a weary and hot basement resident, was commanded by the most radical elements of American politics.
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