Commentary: Trump Economy Is Well Ahead of Schedule

The U.S. economy has added a record 7.8 million to 8.8 million jobs back in May and June, according to the Bureau of Labor Statistics’ (BLS) respective establishment and household surveys, bringing the reported unemployment rate down to 11.1 percent even as the number of Americans returning to the civilian labor force following the COVID-19 pandemic shutdowns continues to increase.

This is incredible news because it means for certain that the labor market hit its bottom in April, the same month the IHME-estimated number of new cases daily was peaking at about 250,000 on March 29, down to an estimated 70,000 new cases a day now.

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Armstrong Williams Commentary: It’s Time to Talk About Recession

Is America in a recession? It’s an unpopular question to ask, but it has now been over 3 months since COVID-19 restrictions were initiated and it is time for us to get realistic about where we are economically so that we can take the proper steps to minimize further damage to our economy. At this point, the unfortunate reality is that regardless of what we do, it is likely that it will take at least several years to see a partial recovery of economic loss and the time that it will take for a complete recovery remains unknown at this point. 

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Tech Leads the Way as US Stocks Head for a Third Month of Gains

Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.

The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy.

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Stock Indexes Move Higher on Wall Street After a Shaky Start

Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.

The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed.

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Stocks Rally Worldwide on Hopes for Coming Economic Recovery

Stocks rose again Tuesday, part of a strong and worldwide rally for markets, after a big rebound in buying at U.S. stores and online raised hopes that the economy can escape its recession relatively quickly.

The S&P 500 climbed 1.9% for its third straight gain, bringing it back within 8% of its record set in February. Gains have built in recent weeks as reports bolster investor expectations that the worst of the downturn may have already passed.

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Wall Street Veers Higher on Fed Plan to Buy Corporate Bonds

Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.

The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way.

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Wall Street’s Rally Zooms Higher After Surprise Gain in Jobs

Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.

The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it.

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Commentary: COVID-19 Proves America Needs Economic Nationalism

by Spencer P. Morrison   Reports of a deadly new virus began trickling out of China in December. The infection spread rapidly. By March 12, the World Health Organization deemed COVID-19 a global pandemic. The next day President Trump declared COVID-19 a “national emergency” that would require the “full power…

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Commentary: Export Bans and the Re-Emergence of the Nation-State

The COVID-19 pandemic has served to upend many long-held policy assumptions, but none so clearly as the theory that international trade rests purely on economic incentives, and that those economic incentives will always override a country’s more base instincts to act in its own interest because of the cost to global profits.

Responses from countries around the world to COVID-19 have significantly fractured this argument. It can no longer be said with unshakable confidence that nations will sidestep their own economic objectives, interests, and policies for the sake of a more profitable international economic integration.

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April Jobs Report: 20.5 Million Jobs Lost, Unemployment at 14.7 Percent

The U.S. economy lost 20.5 million jobs in April, while the unemployment rate rose to 14.7%, according to Department of Labor data released Friday.

Total non-farm payroll employment fell by 20.5 million in April, according to the Bureau of Labor Statistics report, and the number of unemployed persons rose by 15.9 million to 23.1 million.

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Commentary: This Is What It Looks Like When You Shoot the Economy in the Head

25.4 million Americans have lost their jobs since February through mid-April, the Bureau of Labor Statistics reports — 17.3 million who are unemployed, and another 8.1 million who have left the labor force completely — in response to the Chinese coronavirus pandemic as Americans sit home and wait it out.

Although the Bureau tabulates a reported unemployment rate of 14.7 percent, if you count the 8.1 million who left the labor force, too, plus the 5.8 million who were already unemployed, and the number looks more like 18.9 percent.

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American People Continue to Give President Trump High Marks on the Economy Despite COVID-19 Crash

President Donald Trump appears impervious to bad news. At least that’s what one might discern from the April 21 Hill/HarrisX poll, where 56 percent approve of his performance on the economy despite 26 million jobs lost and counting amid the government-directed closures in response to the Chinese coronavirus pandemic.

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Gov. DeWine Encourages Ohioans to ‘Have a Little #SpiritWeekOhio Fun’ and ‘Stay in Your PJ’s All Day’

Nearly 1 million Ohioans have filed for unemployment since Gov. Mike DeWine shut the state down, and the governor has responded by calling for a “Spirit Week” to have “#SpiritWeekOhio fun” which includes wearing pajamas.

Six of the state’s most influential business organizations last week sent a letter to Gov. Mike DeWine last week urging him to reopen the economy as nearly one million Ohioans have now filed unemployment claims since the start of the coronavirus pandemic, as The Ohio Star reported Monday. The letter was signed by the Ohio Chamber of Commerce, Ohio Business Roundtable, the Ohio Manufacturers’ Association, the Ohio Council on Retail Merchants, Ohio Farm Bureau, and NFIB-Ohio.

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Business Groups Paint Dim Picture of Ohio Economy, Urge DeWine to Reopen ‘Sooner Rather Than Later’

Six of the state’s most influential business organizations sent a letter to Gov. Mike DeWine last week urging him to reopen the economy as nearly one million Ohioans have now filed unemployment claims since the start of the coronavirus pandemic.

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State Rep. Vitale’s Facebook Campaign Account is Alive and Well, Despite Reports to the Contrary

State Rep. Nino Vitale (R-Urbana) says reports of his Facebook campaign page’s demise are greatly exaggerated — it was down temporarily, but the social media giant was very cooperative in restoring it.

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Two Million Americans Missing Mortgage Payments as Coronavirus Shutdown Takes Its Toll

Roughly 2 million homeowners in the United States have skipped their monthly mortgage payments as the coronavirus pandemic takes a heavy economic toll on the country, according to data from the Mortgage Bankers Association.

As more Americans are losing their jobs, being furloughed, or experiencing reduced income, a growing number of home loans are being left unpaid. The latest data from the Mortgage Bankers Association shows that many borrowers are choosing to go into forbearance, an agreement with a lender that allows them to momentarily forgo payments.

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Commentary: It Took 50 States to Get to a National Lockdown and It Will Take 50 States to Open it Back Up Again

In order to combat the Chinese coronavirus and to save as many lives as possible, 42 states have issued stay at home orders, and another three have some parts of their states closed, in order to combat the Chinese coronavirus. All 50 states have schools closed. In addition, with the national emergency declared by President Donald Trump, including the overseas travel bans to China and Europe, social distancing, private sector testing and treatments being authorized on an emergency basis, the White House coronavirus task force has credited these closures in part with helping to slowing the total number of cases, which in turn has, according to the models touted by the medical community, already saved hundreds of thousands of lives.

Countries all over the world have resorted to similar national lockdowns in order to win the war on the virus. The unfortunate side effect of the closures is the U.S. and global economies have effectively been shut down except for essential services, resulting in exceptionally high levels of unemployment. In the U.S., anywhere from 17 million to 20 million jobs have already been lost, with many more to come for every week the economy remains closed.

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DeWine: No Flip of the Switch Will Restore Ohio to Pre-COVID Conditions

Returning Ohio to normal following the COVID-19 outbreak will take some time, Gov. Mike DeWine said, even as it appears Ohio’s economy hasn’t yet seen the full impact of the pandemic.

 It’s “not going to happen overnight. That’s not going to happen … like flipping a switch, and everything’s going to be back to normal,” DeWine said. “I wish I could do that. I wish the reality of life was that,” he said.

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Commentary: Alexis de Tocqueville’s Lessons in a Time of Pandemic

The immediate challenge of COVID-19 has been cast as an examination of how individual Americans will fare should they be exposed to the virus. The effort to arrest the spread of the virus has brought unprecedented changes in the daily routines of all Americans. The limitation of activity is apparent when one walks outside. There is a marked silence, regardless of the time of day, almost eerie, that gives one pause.

The check on movement is accompanied by images of field hospitals and graphs showing curves and spreads displayed across news sites. While many are changing their daily routines to comply with the requirements of staying at home and practicing social distancing, a broader concern is the effect on our American democratic foundation.

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Commentary: The Pandemic-Inspired Economic Shutdown Likely to Increase US Corporate Consolidation

This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.

The Chinese Communist Party virus has exposed many of our nation’s infirmities.

The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods.

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Commentary: Small Businesses Urge Federal and State Governments to Reopen America ASAP

Due in large part to government edicts, religious, social, and political gatherings, have been cancelled or drastically altered to meet government requirements. Schools and colleges have closed so there will be no proms or graduations to attend this spring. Restaurant dining rooms are closed, as are community centers, fitness centers, salons, barbershops, theaters, retail stores, and malls. Theme parks, beaches, and even some public parks are closed. Air travel and the use of public transportation has declined precipitously. Traffic on the roads is eerily light, and parking lots are nearly empty.

Of the businesses that have remained open, many have reduced their operating hours. While one can reasonably expect that stay-at-home orders will reduce Chinese coronavirus cases, it remains to be seen what the human and economic toll of these orders will be; but we do know that they are devastating to small businesses and their employees.

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Economist Recommends Ohio Use Federal Stimulus to Bolster Unemployment Insurance Trust Fund

Following Ohio’s shocking unemployment rate increase of 2,565 percent, one economist says the COVID-19 coronavirus’ economic impact will be “long lasting” and provides a list of recommendations.

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3.3 Million File Unemployment Claims in U.S. – a Record Number

Nearly 3.3 million Americans filed unemployment claims last week, a record number as businesses were forced to shut down to help slow the spread of the novel coronavirus.

The U.S. Department of Labor reported Thursday that 3.28 million claims were filed in the week that ended March 21. That marked an increase of more than 3 million claims over the week prior, when 282,000 claims were filed.

The previous high in a single week, according to the department, was in October 1982, when about 695,000 claims were filed. The nearly 3.3 million claims filed last week is nearly five times the prior record.

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Think Tank Calls for Ohio Government to Take Common-Sense Measures to Fight Coronavirus and Aid in Economic Recovery

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.

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Judson Phillips Commentary: Lessons in the Time of the Chinese Virus

The first quarter of the year is not yet over, and we have gone from an almost record stock market to a nation that is all but economically shut down.  Some alarmists warn that over two million Americans will die from the Chinese Virus.  Others say this will be less problematic than the flu.

Regardless, as of now, the country is mostly shutdown and the economy is in free fall.  Economists from Goldman Sachs predict that the economy will shrink by an unprecedented twenty four percent in the second quarter.  The good news is the economy is expected to grow by twelve percent and ten percent in the third and fourth quarters.

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Commentary: Can We Prepare America for the Next Pandemic?

With every passing moment, nations are establishing precedents for how to contain and ultimately stop a global pandemic. Because the novel coronavirus apparently originated in Wuhan and was immediately covered up by the Chinese Communist Party, the health and welfare of the Chinese people and all other affected populations have suffered from this lethal malfeasance.

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Commentary: China’s Post-Virus Plan to Destroy America’s Economy

The virus that originated in Wuhan, China poses a double threat to America.

The first is to our health as the virus spreads through the U.S. population. The second is to our economy as more businesses, schools, and events shut down to slow the spread of the contagion.

We must not underestimate the economic threat because the Chinese Communist Party is using the pandemic to achieve its goal of supplanting the United States as the world’s leading economic, diplomatic, and military power.

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Commentary: After the Coronavirus Outbreak, We Don’t Need Universal Income, We Need a Rehiring Tax Credit to Get Back to Work

Congress is passing plans to provide for long-term paid sick leave and family medical leave to tens of millions of Americans, actively encouraging people to stay home, and essentially telling employers to lay off employees while brick and mortar businesses, schools and government offices are all closed, all in a bid to slow down the spread of the Chinese coronavirus.

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Commentary: The U.S. Economy Will Weather the Chinese Coronavirus

Tennessee Star

President Donald Trump praised the Federal Reserve for cutting the federal funds rate to a range of 0 percent to 0.25 percent, and restarting quantitative easing with $500 billion of U.S. treasuries purchases and $200 billion of mortgage purchases in response to the Chinese coronavirus global pandemic.

“It makes me very happy and I want to congratulate the Federal Reserve,” he said. “That’s a big step and I’m very happy they did it.” Trump has been hounding the Fed for years to cut interest rates to make the dollar more competitive against trading partners’ currencies including the yuan, euro and peso. Now he gets his wish.

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2019 Was the Slowest Year for New Jobs in Ohio in a Decade, Economist Says

An economic expert says Ohio’s latest unemployment data show 2019 was the slowest year for new jobs in a decade — and the state lagged behind the nation in creating new jobs.

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Commentary: The Good Economic News No One Heard About

A few weeks ago, the Census Bureau released the 2018 Income and Poverty in the United States report, but you probably didn’t see anything about it because it received scant attention in the establishment media because it reported such positive results mostly attributable to President Trump’s economic policies. Instead, what little media attention that the report received focused on a meaningless measure of income “inequality.”

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General Motors Sells Lordstown Assembly Plant to an Electric Car Company

Auto maker GM announced Thursday that indeed – as President Trump tweeted in May – the Lordstown facility in Ohio would be sold and reopened to manufacturer the Workhorse electric vehicle called the Endurance. GM declared their intent to idle the plant a year ago, and shut the lights out on March 6th after 52 years of business. 

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‘Trump Victory’ Team Enthusiastic About Political Landscape and Ground Game in Ohio and Nationwide

The Trump campaign shared its enthusiasm for the direction and momentum of the president’s re-election efforts during a Tuesday briefing call with meida. Discussions with a Senior Trump Campaign official covered political efforts nationwide but also in specific states, including Ohio.

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Commentary: Trump’s Conservative Policies Launch Boom for Middle America

Our friend Stephen Moore, Heritage Foundation economist, former Wall Street Journal editorial board member and founder, along with Steve Forbes and Arthur Laffer, of the Committee to Unleash Prosperity, published a column in the Wall Street Journal recently with some truly amazing statistics about the Trump economic boom.

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Leahy and Kellett Wonder: Why Didn’t the Democratic Debate Discuss the Economy?

On Friday’s Battleground State Report with Michael Patrick Leahy and Doug Kellett – a one-hour radio show from Star News Digital Media in the early stages of national weekend syndication roll out- Leahy and Kellett discussed last weeks Democratic debate in Houston and how the moderators avoided asking important questions.

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