Stock Market Gains Highlight Fastest Economic Recovery in U.S. History
Multiple indicators are pointing to a stunningly quick economic recovery from the pandemic disruption. Financial measures such as the Dow Jones, S&P 500, and unemployment rates highlight the seemingly prophetic words of President Donald J. Trump. “We built the greatest economy in the world. I’ll do it a second time” the president famously said in early April.
In just a few months of attacking the virus and impactful executive orders, the reality of President Trump’s leadership and efforts has Democrats fearful of a November referendum on their legislative failures.
The Dow Jones just crossed the 28,000 threshold and appears headed for a new all-time high, the former record high was reached under the Trump Administration of just over 29,500 in February. The U.S. economy shutter during the spring, dragging down the unprecedented prosperity in 401(k) and college-fund investment to 18,591 on March 23. The rebound of more than 10,000 points is nearly the growth experienced under the Obama-Biden administration for the entire eight years.
On other fronts, crude oil measures recently recorded hit 5-month highs despite lowered consumption due to state-to-state travel impediments. Underscoring the recovery that Democrats such as Speaker of the House Nancy Pelosi and Senate Minority Leader Chuck Schumer are obstructing are the executive orders issued by the president.
“So, we issue those executive orders, and the stock market went up 358 points today. It’s quite a reaction,” President Trump reportedly said.
Energy sector expert Robbie Fraser recently said that expectations are high that businesses will improve profits because of “a suggestion by President Trump that capital-gains taxes could be cut.”
The White House already delivered increased unemployment benefits by as much as $400 per week, delivered a student loan forgiveness extended holiday, and slashed debilitating payroll taxes to spur job growth.
In terms of doing it a second time, President Trump drove unemployment to historical lows of 3.5 percent and the best employment for African-Americans and Latino-Americans in history. The coronavirus shutdown caused a spike in the country to 14.7 unemployment from February to April.
Under the Obama-Biden administration, unemployment declined only 3.1 percent in eight years. As of July 31, unemployment already declined by 4.5 percent to 10.2 overall. Expectations are that should President Trump win a second term, unemployment will set new record lows as manufacturing opportunities continue to swell.
Financial media resources such as Barron’s are reporting that the S&P 500 indicator has rallied in recent weeks and was close to posting another record-high on Aug. 11.
“The S&P 500’s all-time high was on Feb. 19, 2020, 121 trading days ago. It has been a roller-coaster ride since, with the index next falling over 39% to its bear-market low on March 23. Since then, it has been practically nothing but up, as unprecedented fiscal and monetary stimulus was put into place, economies across the globe reopened, and companies and consumers adjusted to business and life in a coronavirus world,” Barron’s reports. “At 121 days since its latest record, the S&P 500 is on pace for the fastest recovery ever.”