Now that President Donald Trump has found a way to conquer Covid-19-at least this is what he has been telling us when talking about “bypassing the last round”-he wants you to know how he can make the economy better again it is good. When you look up the term “gaslighting,” Google should only show you a picture of the president.
However, Trump boasted on social media before his July-September GDP report released on Thursday: “The fastest GDP growth in history.”
Trump’s new proposition on the economy is no different from his statement on the coronavirus: exaggerated self-service, if not an out-and-out lie, is only aimed at helping Trump politically.
Our economy is far from “great.” It is not even close to the level before the pandemic. Yelp reports that millions of Americans are still unemployed, and the number of unemployed weekly is almost four times the number before Covid-19. Yelp reported that as of August, about 160,000 businesses on the site had closed, and Americans were still applying for unemployment benefits, a record high. And Trump has no real plan to create new jobs. When your old job no longer exists, you will not be able to return to the old job. From Disney to the United States and United Airlines, the latest wave of new layoffs seems to be permanent. Just a few days ago, Boeing announced that it would lay off 7,000 workers due to reduced demand caused by the pandemic.
It is true that GDP (the gross domestic product used to measure the total output of goods and services in our economy) did increase in the third quarter, but this is only a very incomplete part of the story. First, the peak GDP should be compared with the GDP data from April to June, which is the largest decline in my country’s GDP since the beginning of modern records. Economic analyst Jon Burckett-St said: “The obvious warning is that when you fall 30% and get a 30% gain, you are still below the starting point.” Laurent told NBC News .
Our economic health is closely related to the health of our compatriots, and it seems that neither of these two aspects will improve significantly in the next few months.
But more importantly, the GDP data released on Thursday is to look backwards, not forwards. They have introduced us to the economy since then. See where we are now. Since the number of Covid-19 cases has increased from 36,000 per day in early September to an average of 75,000 per day, as winter inevitably makes the situation worse, we can expect to see more economic pain.Our economic health is closely related to the health of our compatriots. In the next few months, neither of these two aspects seems to improve significantly.
In addition, Trump’s alleged lack of sympathy for economic exaggeration. According to Trump’s own Department of Labor, the jaw-dropping 22.7 million Americans are still claiming some form of unemployment benefits. On the same day that GDP data was released, we learned that 751,000 Americans filed their weekly state unemployment rate applications for the first time. (As early as 1982, it set a record for the highest weekly first unemployment benefit requirement at 695,000.) Before the lock-up period in March, the average number of first weekly unemployment benefits was close to 200,000.
On Thursday, we also learned that 360,000 Americans have made initial welfare claims under the Federal Pandemic Unemployment Assistance Program, an increase of approximately 15,000 from last week. In summary, this means that over 1.1 million new state or federal unemployment applications have been filed in the past 7 days.
In addition, we are seeing a surge in the number of unemployed for more than 26 weeks, which means they are now exhausting state unemployment benefits. This may lead to more evictions and food insecurity.
If Trump really wants to help Americans in need, he will no longer use his nose, but propose a detailed plan to create new jobs. But this is not Trump’s style. In contrast, former Vice President Joe Biden (Joe Biden) proposed a multi-faceted “rebuild better” plan to create millions of new jobs. Unlike Trump, Biden believes that the government needs to play a real role in helping unemployed Americans.
Trump’s economic plan is like his Covid-19 plan, no one will be surprised: all tweets have no substance. In both cases, it is tragic that the most vulnerable Americans paid the price for Trump’s failure. In both cases, it is clear that Trump only cares about the interests of Donald J. Trump.