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Yesterday The S&P 500 Erased Its Losses For 2020 – Liberals Puzzled

Stock Market Recovery
The S&P 500 rose more than 1 percent on Monday, rising more than 44 percent since its low in March and adding to a weekslong rebound that has been fueled by hopes for a quick economic recovery.

However, good news for America, especially good economic news, is bad news for the Far Left and #NeverTrump, so the media downplayed the good news by headlining the National Bureau of Economic Research declaration that the economy hit its peak in February and had since fallen into a downturn, as pandemic-related shutdowns tanked activity and brought an end to a record-long expansion — one that had lasted 128 months according to the NBER.

The National Bureau of Economic Research isn’t a government agency – it is a private, non-profit, allegedly “non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.”

The pronouncement that the United States “officially” entered a COVID-19-caused recession after peaking in February is one of those “no shit Sherlock” moments that make people on Main Street wonder why it takes dozens of PhDs headquartered in Cambridge, Massachusetts to figure out what everyone at the just now reopened biscuit and gravy joints knew the day the governor of their state declared a “flatten the curve” lockdown.

Everyone knew that was going to kill the economy – the question people want answered is how to we rebuild?

No answers on that from Cambridge, even as the American economy added a record number of jobs in the month of May.

According to the Bureau of Labor Statistics (a US government agency) the U.S. economy added 2.5 million jobs in May, the largest one-month gain in history. The number of unemployed Americans declined by 2 million in May, the largest one-month decrease in U.S. history.

This was such good news that liberal economist, Nobel Laureate, and New York Times columnist Paul Krugman speculated, without evidence, that Trump somehow cooked the books.

And Joe Biden just plain lied about Hispanic unemployment and did his best to otherwise make things look as bad as possible to his deluded followers:

Biden falsely claimed that “Latino [un]employment [sic] jumped to over 37 percent.” In fact, the Hispanic unemployment rate fell from 18.9% to 17.6% in May.

Biden misleadingly said that “Black unemployment rose.” In reality, while the Black unemployment rate increased by 0.1%, it was good news because the number of Black Americans who were employed increased by 283,000 in May – a historic top ten increase. The small change in the unemployment rate was due to the Black labor force participation rate rising by 1%, with 371,000 Black workers looking for jobs and reentering the workforce.

Biden misleadingly claimed that “Black youth unemployment skyrocketed.” If Biden is referring to the unemployment rate for Black teens ages 16-19, that category represents just 4% of Black workers. Historically, the May rate for this group is affected by teens seeking summer jobs and graduating from high school. Last month, the unemployment rate for Black youth was 34.9% – a rate equal to or surpassed by 56 months of Biden’s time as Vice President.

The Trump White House and our friends at The Club for Growth have been focused like lasers on getting America back to work, and there is more good news on the horizon.

As Club for Growth President David McIntosh pointed out in a recent op-ed, the Trump administration has taken over 600 deregulatory actions in response to the pandemic, and more deregulation is needed as we enter a new phase of our response.

Employing free-market policies – fiscal restraint, free trade, protection from frivolous lawsuits, and cutting red tape – will be key to future prosperity said McIntosh.   President Trump's executive order is a crucial step toward achieving an economic rebound. As the president and congressional Republicans pursue deregulation, Democrats will hopefully cooperate to pass popular legislation spurring economic revival.

And deregulation to rebuild the economy has broad public support. According to Club for Growth polling on regulatory relief:

66% Support and 34% Oppose Congress giving President Trump the authority to waive costly regulatory requirements on American businesses in order to speed the economic recovery from the coronavirus epidemic. This has the support of 91% of Republicans, 62% of Independents, and 45% of Democrats.

74% Support and 26% Oppose the federal government simplifying the permitting process for infrastructure projects, removing some environmental review requirements that can take years to complete, and allowing new infrastructure projects to pay competitive, market-set wages so that they can employ the maximum number of people. This has the support of majorities of every party; 90% Republicans, 69% of Independents, and 64% of Democrats.

The reality is that the economy and the stock market have come roaring back because government is getting out of the way – ending lockdowns and promising more deregulation. As obvious as this seems it apparently surprised Democrats, such as Paul Krugman and Joe Biden.

We urge CHQ readers and friends to contact the White House to thank President Trump for his steady leadership in the face of the Democrat-inspired civil unrest and to stay the course – focus on rebuilding the economy and getting Americans back to work.

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