The Great American Comeback
by Kevin Brady on November 6, 2020 at 2:15 PM
Under President Trump, America saw the greatest economy in history. Wages were up, unemployment – especially for minorities and women – was at historic lows, manufacturing was back, and jobs and businesses that had previously fled overseas were returning to the U.S.
The COVID-19 pandemic hit our economy hard, but thanks to the strong foundation of the pre-pandemic economy, the leadership of President Trump, and the work of Republicans in Congress, we’re already seeing record-breaking economic recovery.
This recovery is also due in large part to the swift legislative response from Congress and the Administration. The CARES Act – and important provisions like the Paycheck Protection Program – provided direct aid to America’s families, workers, and small businesses when they needed it most.
Thanks to these smart actions, the Trump economy is doing the impossible – coming back stronger than ever.
Last week, the Department of Commerce released their estimate for GDP growth for the third quarter of 2020 – and what we saw was nothing short of incredible. The U.S. economy grew at its fastest pace ever this quarter, with 33.1% growth. This smashes expectations, beating economists’ original growth estimates by a stunning 400 percent. To compare, under VP Biden, it took a full year to see those same results.
But the largest quarter of economic growth on record is not the only good news. Since April, America has recovered more than two-thirds of the jobs lost because of the lockdown, adding 11.4 million jobs and helping unemployed Americans reconnect with businesses. Plus, construction and manufacturing jobs are returning, business activity is at a 20-month high, retail sales are already above pre-pandemic levels, and new jobless claims fell to their lowest level since the beginning of the pandemic.
Just look at the contrast – the worst economic recovery in our lifetimes under the Obama-Biden Administration, the best economic recovery in our lifetimes under President Trump. All the while, Speaker Pelosi is actively denying relief to the American people and is working to sabotage America’s economy ahead of the election.
There’s no doubt that we’ve accomplished the impossible – but there is still work to be done in our recovery. While Biden wants to raise your taxes, destroy American energy, and drive manufacturing jobs overseas again, Republicans and President Trump are focused on building up this recovery with smart, pro-growth policies that have already lifted 2.5 million Americans out of poverty – including lowering taxes, supporting energy independence, cutting red tape and burdensome regulations, and incentivizing innovation.
American workers and families have been hurt the most by the COVID-19 economic downturn, and the strength of our recovery thus far is a testament to their fortitude and resilience. President Trump and House Republicans will never stop fighting for all Americans as our economy rebuilds, but know this – the Great American Comeback is underway!