While both sides are not conceding the U.S. presidential election and the disputes are strangling with the U.S. Supreme Court, the U.S. economy is achieving its promised recovery.
White House economic adviser Larry Kudlow shared some promising data with Fox News. He stated, “The current 6.7 percent unemployment rate is an enormous silver lining. The White House announced late in October that 11.4 million new jobs were created since May, which led to the “fastest economic recovery in American history.”
President Donald Trump recently shared that the stock market has seen significant improvements over the past several months. Trump said in late November that the stock market broke 30,000 for the ninth time this year and the 48th time in his administration, citing that no one believed that it was possible until it was achieved. The record was jumped again after reports about a vaccine’s availability surfaced.
“The stock market, Dow Jones Industrial Average just hit 30,000, which is the highest in history,” Trump said in a statement. ” We’ve never broken 30,000. And that’s despite everything that’s taken place with the pandemic. I’m very thrilled with what’s happened on the vaccine front. That’s been absolutely incredible.”
A survey from National Association for Business Economics also showed that there is a growing confidence among forecasters that the economy will return to its pre-pandemic level late in 2021, Fox Business reported. Businesses are also optimistic that they will get more support from the government. Trump and Senate Majority Leader Mitch McConnell are currently pushing for the approval of a $908 billion relief package by the end of the year.
Kudlow warned that the number of cases would likely see a massive spike during the winter months, but he thinks that there are better ways of handling the situation than strict lockdown that California Governor Gavin Newsom and a few others have been implementing throughout their states.
According to NPR, at least 85 percent of California residents will be under strict restrictions throughout the Holiday season. Newsom defended his decision to set new measures. He feels that decisive actions should be taken to ease the state’s crumbling healthcare system’s burden because of the recent surge. The governor insisted that previous shut down orders helped the State greatly in controlling the spread of the virus.
However, White House economic adviser Larry Kudlow firmly believes that lockdown orders are doing more harm than good. Kudlow said on The Cats Roundtable that Newsom’s decision to shut down businesses is “killing the economy” not only in California but in the entire country as well.
On Thursday, December 10th, the F.D.A. approved the Pfizer Vaccine along with a planned shipment of 6.4 million doses to Americans across the county. The Moderna vaccine is also in line for F.D.A approval. It is part of Trump administration’s multi-billion-dollar program, Operation Warp Speed, which streamlines the drug development and unlocks bureaucracy barriers in the new drug development, which traditionally takes several years.
According to the CDC, Operation Warp Speed’s goal is to produce and deliver 300 million doses of safe and effective vaccines with initial doses available by January 2021, as part of a broader strategy to accelerate the development, manufacturing, and distribution of COVID-19 vaccines, therapeutics, and diagnostics (collectively known as countermeasures).
Mr. Kudlow added that California should have considered the fact that “help is on the way” because vaccines are expected to be delivered by the middle of December. It is the main reason why he is firm on his stance that businesses should remain open and children should be allowed to go to school.
“We want to keep the businesses open and keep the schools open. Those two things are so important for our kids – for education, and for the economy,” Kudlow said. “The kids are not the problem. And I hate to see school closings. Let’s just keep the faith. In the next few weeks, I do believe things are turning up in the economy, and I think the situation with the virus is going to improve.”