President Donald Trump and his team are heralding a summer of economic recovery — a dramatic turnaround that will become the centerpiece of his pitch to voters, casting aside attention on nationwide protests and the coronavirus pandemic.
President Donald Trump and his team are heralding a summer of economic recovery — a dramatic turnaround that will become the centerpiece of his pitch to voters, casting aside attention on nationwide protests and the coronavirus pandemic.
While the latest jobs report showed the economy moving in a positive direction, roughly 21 million Americans remain unemployed, and the new national unemployment rate of 13.3 percent far exceeded any figures from the Great Recession when the unemployment rate peaked at 10 percent.
“The progress is taking place from a very deep hole,” said Michael Strain, director of economic policy studies at the conservative American Enterprise Institute. “Even if everyone who was on temporary layoff went to work tomorrow, and the only people who were unemployed were people who had been permanently laid off, we’d still have recession-level unemployment. We’d still have lost a half-decade of progress.”
One Republican close to the White House called it the first good news for Trump in weeks, while Trump called this economic recovery better than a V-shaped bounce-back he long sought and referred to it instead as “a rocket ship.”
