Trump Shouldn't Fall for Queen Nancy Pelosi's Gambit
A Commentary By Stephen Moore
Judging from the fake news media's collective primal scream this weekend, you would think the American economy were lying flat on its back in the intensive care unit. Yes, the economy has been battered in blue states that have masochistically shut down their hometown businesses. But in most red states that are keeping commerce flowing despite a second deadly wave of the virus, unemployment is typically below 6%.
The jobs recovery has been so strong that we have 94.5% of the jobs we had before the worst pandemic in a century, and total wages and salaries are back up to 99% of their previous all-time high.
That hasn't stopped House Speaker Queen Nancy Pelosi from demanding another $1 or $2 trillion stimulus. (Doesn't it seem like Washington is passing out trillions of dollars like they are M&M's?)
We don't need it, and the bailouts to teacher unions, blue state governors and mayors, and airlines would be harmful to the economy. The only way to give money to blue states is to take it from red states.
President Donald Trump's supercharged recovery policy has been the opposite of what the consensus Keynesian economists on Wall Street and in academia have urged for months.
So far, Trump has wisely rejected a second debt bomb package that we were told was essential -- and yet 12.4 million more jobs were created without it. University of Chicago economist Casey Mulligan and I estimate Trump saved 3 to 5 million jobs by not agreeing to $600-a-week bonus unemployment benefits. The Congressional Budget Office calculated that "roughly five of six recipients" were getting more from unemployment insurance payments than they would from working.
The fake media is trashing the economy for two reasons. One, they despise Trump and can't believe that he has given us the swiftest recovery in American history. Second, the media is all in on Queen Nancy Pelosi's gambit of passing a $1 trillion blue state bailout. Taxpayer handouts to corporations, mayors, governors, teachers unions and able-bodied Americans who are not working will capsize Trump's amazing economic recovery, not help it.
A cynic might suspect that this is the real goal.
Stephen Moore is a senior fellow at the Heritage Foundation and an economic consultant with FreedomWorks. He is the co-author of "Trumponomics: Inside the America First Plan to Revive the American Economy." To find out more about Stephen Moore and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.
COPYRIGHT 2020 CREATORS.COM
See Other Political Commentaries.
See Other Commentaries by Stephen Moore.
Views expressed in this column are those of the author, not those of Rasmussen Reports. Comments about this content should be directed to the author or syndicate.
Rasmussen Reports is a media company specializing in the collection, publication and distribution of public opinion information.
We conduct public opinion polls on a variety of topics to inform our audience on events in the news and other topics of interest. To ensure editorial control and independence, we pay for the polls ourselves and generate revenue through the sale of subscriptions, sponsorships, and advertising. Nightly polling on politics, business and lifestyle topics provides the content to update the Rasmussen Reports web site many times each day. If it's in the news, it's in our polls. Additionally, the data drives a daily update newsletter and various media outlets across the country.
Some information, including the Rasmussen Reports daily Presidential Tracking Poll and commentaries are available for free to the general public. Subscriptions are available for $4.95 a month or 34.95 a year that provide subscribers with exclusive access to more than 20 stories per week on upcoming elections, consumer confidence, and issues that affect us all. For those who are really into the numbers, Platinum Members can review demographic crosstabs and a full history of our data.
To learn more about our methodology, click here.