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June 05, 2020

Unexpectedly, Economy Rebounds to Produce More Jobs In Any Month Since 1939 -- and Perhaps In All of American History

A week ago, Politico reported the thing that Democrats fear, dread, and hate more than anything else in the world -- the grim possibility that America might succeed and enjoy prosperity again.

In early April, Jason Furman, a top economist in the Obama administration and now a professor at Harvard, was speaking via Zoom to a large bipartisan group of top officials from both parties. The economy had just been shut down, unemployment was spiking and some policymakers were predicting an era worse than the Great Depression. The economic carnage seemed likely to doom President Donald Trumpís chances at reelection.

Furman, tapped to give the opening presentation, looked into his screen of poorly lit boxes of frightened wonks and made a startling claim.

"We are about to see the best economic data we've seen in the history of this country," he said.

The former Cabinet secretaries and Federal Reserve chairs in the Zoom boxes were confused, though some of the Republicans may have been newly relieved and some of the Democrats suddenly concerned.

"Everyone looked puzzled and thought I had misspoken," Furman said in an interview. Instead of forecasting a prolonged Depression-level economic catastrophe, Furman laid out a detailed case for why the months preceding the November election could offer Trump the chance to brag -- truthfully -- about the most explosive monthly employment numbers and gross domestic product growth ever.

...

Furman's counterintuitive pitch has caused some Democrats, especially Obama alumni, around Washington to panic. "This is my big worry," said a former Obama White House official who is still close to the former president. Asked about the level of concern among top party officials, he said, "It's high-- high, high, high, high."

Well, Democrats: Brace for some bad news.


RedState's Bonchie notes that the leftwing enemy-comms media has been salivating over the prospect of a cataclysmic May jobs report all week:

The New York Times and Politico were already warming up, putting out tweets predicting doom.

(Hit the link to see the Enemy of the People Tokyo Rose Times similarly masturbating itself over the prospect of further American suffering.)

Well, instead of skyrocking up to the Great Depression level of 20%, May instead saw the greatest one month increase in job creation since at least 1939 -- and possibly in all of history.


The huge burst of growth "defied" experts' (uh-huh) predictions of another 7.5 million jobs lost, and "shocked" economists.

Furman had warned Democrats about the Good News (bad news for them) coming, which is that this was not a normal recession, in which job losses are due to structural and inherent problems of the economy which must be worked out -- sometimes over years -- before full recovery can happen.

No, this current recession was like the brief recessions seen after a hurricane -- yes, for the duration of the storm and the aftermath, there is a sharp sudden drop in economic activity.

But then, because the economy is fundamentally good except for that temporary setback, the economy rebounds. This is the V-shape recovery Trump (and others) have predicted -- yes, it's a sharp drop down, but then it's a sharp zoom back upwards afterwards.

Matt Whitlock dryly notes that the Washington Post's twitter feed is "like a rollercoaster" as they prayed for American disaster and were crushed to witness American success.



Trump was dignified and restrained in his gloating and mockery of the left's doomsayers.

CNBC reported that the May gain of 2.5 million jobs "was by far the biggest one-month jobs gain in U.S. history since at least 1939."

"THESE NUMBERS ARE INCREDIBLE!" President Donald Trump tweeted.

...

"Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like," Tony Bedikian, head of global markets at Citizens Bank, told Fox Business...

"It's a stupendous number. It's joyous, let's call it like it is. The Market was right. It's stunning!" Trump tweeted, tagging CNBC's Jim Cramer. It was unclear as to whether or not the president was quoting Cramer.

V for Victory, baby.

vforvictory.jpg


Paul Krugman was so butthurt, ass-mad, and sphincter-peeved by the Unexpectedly Great news that he begin sputtering out conspiracy theories that Trump faked the numbers, or forced people to fake the numbers.

Hey, remember when the establishment media (of both right and left varieties) used to use the smear "Conspiracy theory!" to shut down all speculations and reportage that harmed their narrative?

Boy, they sure seem to have embraced the power of conspiracy theories now.

OH-- MEANT TO SAY!

Nancy Pelosi has been threatening that she would block any phase 4 stimulus unless it included no-go items like billions for illegals, mass amnesty, and huge bailouts for her friends' dying states.

Her plan was to hold the country hostage: Unless her ransom demands were met, she'd crash the economy through the floor.

But with the economy now jolted back to life -- Krugman fears that Trump and the Republicans might decide that no Phase 4 is needed.

Leaving Nancy Pelosi with nothing but botox and tears and a ransom note written in whore-red lipstick.

Trump's presser (from an hour ago) below.


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posted by Ace at 12:27 PM

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