Donald Trump (74) is likely to turn orange and red these days with envy when he looks at the current economic data in the US. Joe Biden (78), his hated successor to the White House, is really making the US economy take off.
Even a former Trump anchor for bull market Fox News admitted this week that Biden was not so bad – “economically” – after all. Not long ago, the Labor Department released the latest numbers. Economists couldn’t believe their eyes: In the week before April 10, only 576,000 initial applications were filed for unemployment benefits. Record drop since the start of the epidemic.
To classify the economic boom in America, you have to go back in time. Donald Trump has played an important role in the current success. He took America to new heights in the early years of his tenure by cutting taxes and dismantling regulations.
The unemployment rate fell to 3.5% in early 2020. Note details: Unprecedented since the record began, so many African Americans have held jobs like the Trump era.
According to New York Times accounts, Trump did not have the best American economy of all time – although he repeated it like a prayer wheel … but he was right to celebrate him for the strong economic numbers.
Many experts are convinced that had the Corona pandemic not spread in the spring of 2020, Trump would have been easily reelected.
Then Corona came – 40 million unemployed
With the arrival of Covid-19, Trump’s political future and the robust US economy are over. Within a few months, 40 million people lost their jobs. The unemployment rate rose to 20 percent. A value last reached nearly 100 years ago during the Great Depression.
Suddenly, long lines form again in front of the so-called “food banks”. Millions of Americans queued for hours to stock up on family meals. The pictures last seen were during World War II. Every fifth child in the country is said to have starved in the summer of 2020.
And Donald Trump? In cooperation with Congress, he put together a $ 2.2 trillion aid package. Almost all Americans received a $ 1,200 check in May with helicopter money. But then nothing else happened. The US economy has suffered from lockdown and has been slow to recover.
How Biden Leads the Economy
Joe Biden came in January. First, with the help of Democrats, he flogged 1.9 billion aid packages through Congress while simultaneously revolutionizing the welfare system in the United States. He is already working on a $ 2 billion package to rehabilitate ailing US infrastructure.
Biden is also benefiting from the vaccination advance. The USA is becoming a turbo vaccine under the age of 78 – all residents who wish to be vaccinated by the end of May. Ironically, Biden can also thank his predecessor here: The Trump government has invested a lot of money in developing vaccines and has removed bureaucratic hurdles.
The result is impressive: the unemployment rate is steadily falling, consumption is rising, and records are being broken again on the New York Stock Exchange. The US economy will have offset losses from the Corona crisis early this quarter.
How does Switzerland benefit from America
Switzerland is also benefiting from the US economic recovery. The KOF Center for Economic Research at ETH in Zurich predicts that in the third quarter of 2021 the Swiss GDP will be as large as it was before the start of the crisis. By then, the Swiss economy had emerged from the Corona crisis as quickly as it had emerged from the financial crisis.
According to Credit Suisse, Bern can thank Washington for this little miracle. The big bank recently announced that the Swiss manufacturing site is benefiting from the good economic performance in the US.
Trump predicted depression
Incidentally, Joe Biden never thanked Donald Trump publicly for his preparatory work. Is it related to the fact that Trump has not had a word of appreciation for Barack Obama and Vice President Biden over the years? After all, the duo led the US out of the 2008 financial crisis and left Trump with a strong economy.
Or was it because Trump expected years of depression for the American people during the election campaign if Biden became president? Ironically, the fact that the opposite is happening now is thanks to Trump as well.