As states fight an uphill battle against fake news media scare tactics and Democrats trying to keep people locked down, and economic rebound appears imminent despite them.
“You really can’t put into words the pain people are feeling and the uncertainty they’re realizing, and it’s going to take a while for us to get back but I would just say this: In the long run, and even in the medium run, you wouldn’t want to bet against the American economy,” Federal Reserve Chairman Jerome Powell said.
As mostly Republican-run states methodically reopen businesses, millions of pandemic-displaced workers are beginning to see a light at the end of the tunnel. Already economists are forecasting that the job losses will dwindle down to 8 million as Phase 2 helps ease restrictions.
Countries such as Italy that rank among the worst impacted by the coronavirus have already begun opening businesses. Reports indicate that upwards of 4.4 million Italians recently returned to the workforce. What may be more telling that the U.S. stands on the brink of an economic resurgence is the fact that many of Italy’s movement restrictions have reportedly been lifted. In hard-hit New York, prominent financial leaders agree that everyday people can expect a rebound in the coming months.
“My own forecast would be a couple of very difficult months ahead of us. And then I expect in the second half of the year to see a rebound,” New York Fed President John Williams said. From a banking perspective, he also indicated consumers may see low inflation rates rather than the Depression-era fears propaganda pushed by fake news outlets.
In Washington, D.C., Speaker of the House Nancy Pelosi and socialist Democrats have pushed extending the $600 weekly unemployment bonus to promote the benefits of not returning to jobs. With the November elections approaching, they are acutely aware that should President Donald Trump restore the 50-year low unemployment rates, and all-time lows for African-Americans and Latino-Americans, liberals could be swept out of office.
In response, Republicans have floated return to work employee bonuses. As states reopen, White House economic advisor Larry Kudlow already sees telltale signs of a robust recovery.
“I call them glimmers of hope and growth. Cars are driving more, gasoline prices are up,” Kudlow explained. “So, there is some hope that, I think, we’re going to move strongly into the second half of the year with perhaps as much as 20 percent economic growth.”
Recent polling data indicates that President Trump earned majority support from voters in terms of managing the economy. The president enjoys increasing high marks on the economy and a vast majority trust him to restore pre-pandemic Make America Great Again prosperity.
“It’s a transition to greatness. You’re going to see some great numbers in the fourth quarter, and you’re going to end up doing a great year next year,” Trump said. “We built the greatest economy in the world. I’ll do it a second time.”