This week in Trumponomics: A premature victory lap
The latest batch of monthly job numbers is a mirage showing what a robust economic recovery might look like in a nation winning the war against the coronavirus. Alas, that is not the United States.
Employers added 4.8 million jobs in June, on top of 2.7 million in May. Those 7.5 million new jobs might sound phenomenal, but theyre not. In February, there were 152.5 million workers earning a paycheck. There are now 137.8 million. Weve still lost nearly 15 million jobs due to the pandemic and widespread business closures, and have repaired only about one-third of the damage to workers.
President Trump is unconcerned. Our economy is roaring back, Trump said in a short address on July 2. These are historic numbers in a time that a lot of people would have wilted. They would have wilted. But we didnt wilt, and our country didnt wilt.
The wilting is underway, however. The Labor Departments jobs report is based on a monthly survey, which in this case concluded on June 12. At the time, there had been a steady decline in the number of coronavirus cases detected daily in the United States. A week later, the infection count began to climb, and it has now hit the highest levels yet, with nearly 53,000 new cases reported on July 1, the highest daily tally so far. That has forced states that had let businesses reopen early, like Texas and Florida, to close businesses all over again.
https://finance.yahoo.com/news/this-week-in-trumponomics-a-premature-victory-lap-193427010.html