Thanks To Trump, America Experienced Worst Economic Impact In The World
August 27, 2020
Dana White claimed Trump’s actions on coronavirus protected our economy. But the reality is Trump’s failed response to coronavirus left America with the worst economic impact from coronavirus of any developed country. Now, as many nations have already recovered to pre-pandemic levels, the U.S. is still far behind.
The U.S. is the only industrialized nation that saw its unemployment rate triple.
PolitiFact: “As the following chart shows, the United States was among the few countries to show a dramatic increase in the unemployment rate between January and June… The United States saw its unemployment rate increase from 3.6% to 11.1%. That works out to a little under 3.1 times higher in June than January. No other country saw such a big increase.”
Other countries’ economies are recovering.
Bloomberg: “Data show Europe’s stronger lockdowns likely contributed to its bigger GDP decline earlier, but may be helping it more recently. Indicators such as credit-card use, travel and location information show euro-area economies such as Germany, France, and Italy, along with Norway and Japan, are closest to their pre-pandemic readings,
We are far behind.
Bloomberg: “The U.K., U.S. and Canada are still far below their levels of activity at the start of the year. And most economists say that while U.S. spending and jobs rose sharply in May and early June, activity has since flattened out, suggesting a longer slog of a recovery.”
Bloomberg: “Drawing a strikingly unflattering contrast with the experience of Europe, Federal Reserve Bank of Boston President Eric Rosengren said U.S. overeagerness to reopen commercial activity without sufficiently containing the spread of Covid-19 had backfired.”