(TheLibertyRevolution.com)- President Donald Trump’s economy has proven so resilient that the latest numbers show the national unemployment rate hitting the same level as during President Barack Obama’s re-election. The United States economy reported an additional 661,000 jobs in September as the economy begins to rebuild, with the national unemployment rate falling to 7.9%.
Before the Chinese coronavirus hit the United States, forcing states to shut down businesses and enter lockdown, unemployment in the United States hit a 50-year low.
Media outlets suggested that the 661,000 figure was disappointing as some 800,000 jobs were predicted by analysts, but the 7.9% unemployment rate is better than it has been in months. It’s also even lower than economists predicted, having previously suggested that it would reach 8.2% by September.
It stands in stark contrast to the state of the economy during President Barack Obama’s administration. In 2011, a year before Obama was re-elected, the national unemployment rate was around 9%. In 2012, that unemployment rate was considered the biggest weakness of the president and potentially one of the reasons why he could lose in his re-election efforts – but Mitt Romney was not successful.
While President Donald Trump is repeatedly attacked by the Democrats, including presidential candidate Joe Biden, for his handling of the economy, President Obama was praised for getting unemployment down to 7.9%.
As Breitbart recently reported, USA Today said that “Even at 7.9%,” the economy was “mostly good news for Obama.”
High unemployment considered good news at a time when businesses were not being forced to shut because of a virus. How does that work?
This is good news for now, but the challenge for the United States economy will be rebuilding on a long-term basis. Companies that have been able to reopen have begun reopening now that lockdown measures are being eased in many states, but the number of businesses that have been permanently closed is yet to be seen.
Lockdown put many small businesses out of operation, and with the Democrats refusing to negotiate in good faith on the next COVID-19 relief package, it could be after the November election before new support from the federal government is issued.