Trump says US economy showing strong signs of recovery

President Donald Trump announced that the U.S. is poised to make a strong economic recovery, even as the coronavirus continues its rampage. “We had to turn off the economy. Now we are turning it back on, and that’s going to be very strong,” Trump added.

In a press conference at the White House, Trump said that the stock market is showing signs of what’s known as a V-shaped economic recovery, or a sharp rise back to a previous peak after a sharp recession. He also added that currently, the U.S. stock market is “stronger than … competitors anywhere in the world.”

Trump’s statements are similar to that of his top economic advisers. White House economic adviser Larry Kudlow said that despite the economic impact of the coronavirus — in particular, on consumer behavior and business activity — the economy is set for a huge rebound.

“I still think the V-shaped recovery is in place,” Kudlow said in an interview last month. “I don’t deny that some of these hot-spot states are going to moderate that recovery, but on the whole the picture is very positive.”

Federal data also reveal signs of a sharp economic upswing, added Kudlow. In June, sales of existing homes jumped 20.7 percent, after dipping by 9.7 percent the previous month. The manufacturing industry is also showing signs of recovery, expanding for the first time since February.

Unemployment claims, which reached record highs at the height of the pandemic, are also slowing down. In an interview with CNN, the White House economic adviser said that increased hiring and employers recalling workers helped stop the claims.

“I do think the odds favor a big increase in jobs creation and a big reduction in unemployment,” Kudlow added.

Recovery in line with second-term economic agenda

Trump’s claim that the economy is well on its way to recovery means that he has already delivered some of his campaign promises well ahead of the November elections. The president unveiled his economic plan for when he is reelected for a second term in November during a visit to Ohio last week.

Pledging to make the U.S. “more prosperous and resilient than ever before,” Trump also laid out six promises to workers during his sortie to a Whirlpool manufacturing facility in northwestern Ohio.

“Today, to define our path forward, I’m making our incredible workers six more promises that I will keep over the next four years, and I’m very proud to make them at your plant and in the state of Ohio,” Trump said.

The Wuhan coronavirus, which has now infected over 5 million Americans and caused over 166,000 deaths, has become a central issue in the upcoming election. On Thursday, the president vowed that he will “defeat” the virus, adding that the government now knows “how to pinpoint it, and who to protect.” He added that his administration is attacking the virus from every angle. This aggressive strategy, Trump said, is the key to winning the war.

“It will happen sooner than people think,” he noted.

In response to the virus, the president also vowed to bring back manufacturing jobs to America. In his next term, the government will onshore new manufacturing jobs, in particular, those that are vital to national security and prosperity.

In addition, Trump promised to put American workers first, saying that his administration has already laid the groundwork that he says he can build on.

“Over the last four years, we’ve made extraordinary strides, and over the next four years together, we will turn the United States into the unrivaled manufacturing superpower of the world. We’ve been through a lot together.”

Sources include:

Breitbart.com

WSJ.com

TheEpochTimes.com

TheFederalist.com