VIDEO: ‘Trump’s Made History.’
July 30, 2020
First, Trump and his advisers said coronavirus wouldn’t hurt the economy. Then they said the economy would recover by the summer. Now, Trump has made history — with a 32.9% annualized drop in GDP, an economy in recession, 19 straight weeks of more than 1 million Americans filing for unemployment, states forced to shut down again as new cases skyrocket, over 150,000 American lives lost, and over 100,000 businesses closed for good.
Will Trump and his administration continue to claim the economy is in great shape? Or will they acknowledge that Trump’s made history — presiding over the sharpest economic decline since the Great Depression.
The Trump administration initially said coronavirus would have a negligible impact on the U.S. economy.
Larry Kudlow: “This is principally a public-health problem and the pandemic of course is in China, not the U.S…. Insofar as the economy, we see no material impact.”
The Trump administration even suggested coronavirus could spur U.S. business investment and production increases.
Wilbur Ross: “So I think it will help to accelerate the return of jobs to North America. Some to U.S., probably some to Mexico as well.”
Trump and his advisors said there would be a rapid economic snapback, and predicted the economic downturn would be over by mid-summer.
Trump: “I think you’re going to have a V. I think it’s going to be terrific.”
Jared Kushner: “I think you’ll see by June a lot of the country should be back to normal. And the hope is that by July the country’s really rocking again.”
Mike Pence: “By early June, we could be at a place where this coronavirus epidemic is largely in the past… Americans are going to be able to enjoy a good summer.”
Larry Kudlow: “I agree with the President. We will see a growing, recovering economy by summertime and the back end of the year and it is going to extend into 2021.”
Despite a historic drop in GDP and worsening unemployment, the White House continues to insist the economy is doing great.
Trump: “I think the recovery has been very strong. We’ve set record job numbers. We’ve set record numbers.”
Trump: “The economy is starting to really do great.”
Larry Kudlow: “The jobs picture remains strong.”
Larry Kudlow: “The economy is improving by leaps and bounds.”
Larry Kudlow: “Virtually every number is showing a ‘V’ shaped recovery now.”
Larry Kudlow: “The economic numbers, with some small exceptions from the southwest, economic numbers are still pretty good.”