As the country continues to climb back from more than a year of an economic downward spiral during the COVID-19 pandemic, cities in states with Republican-led governors that imposed fewer restrictions are experiencing a faster and more robust comeback.
A study by WalletHub ranked the top 180 cities in the country to determine where economic recovery is occurring.
Along with a working vaccine, Joe Biden inherited a V-shaped economic recovery, but he is now planting the seeds of its destruction. Inflation, federal deficits, high taxes, incentives for workers to stay home, and incentives to avoid investment – they’re all coming back. Together, these elements create the perfect brew for a Lyndon Johnson-style stagflation. If Biden and the Democrats so quickly wreck the good economic path they were given, it will be one of the worst examples of government malpractice in U.S. economic history.
In the first, dark days of the COVID-19 national economic shutdown last spring, there was a clear need for major stimulus. Both parties united to pass an effective and much-needed response.
The U.S. gross domestic product saw a 33.4% surge in the July-September third quarter of 2020, after plunging 31.4% in the April-June second quarter. The economy continued to grow at a 4% rate in the fourth quarter, and the stock market (despite COVID) ended 2020 with the S&P 500 index up 16% for the year as a whole.
The rapid recovery from the lockdown continues. Economic reports from September indicate the economy has rebounded to 97 percent of its peak reached this past February. The surge in new orders for both manufacturing and service companies points to further gains in the months ahead.
These gains should bring the economy’s output and spending (GDP) back to its prior peak during the fourth quarter of the year.
The U.S. economy added another 3.7 million jobs in the month of August, according to the Bureau of Labor Statistics’ household survey of Americans reporting they have jobs, bringing the total up to 13.8 million jobs that have been recovered since labor markets bottomed in April, something almost nobody but President Donald Trump was predicting.
At the worst of the coronavirus recession, as many as 25 million jobs were lost by April, and now more than half of those jobs have been regained, as a V-shaped recovery has clearly formed.
A new policy brief lays out actions that Ohio policymakers can immediately implement so Ohio can fight and yet recover from the coronavirus pandemic, and it doesn’t involve unilaterally moving primaries or shutting down businesses.
The Buckeye Institute released the brief on Monday.
The brief, Policy Solutions for the Pandemic: How Ohio Can Fight the Impact of Coronavirus, is available here.
by Rick Manning The incredibly positive economic data that keeps coming out from both private and public sector sources leads to one overriding question: Will the Trump economic detractors ever get tired of being wrong? Over the course of the past six months, we have heard how tariffs against the…