The U.S. economy recovered from a great recession under former Vice President Joe Biden’s eight-year tenure, but it has experienced a real recovery under President Donald Trump’s term before being hit by the CCP Virus (coronavirus) pandemic. The question for voters now is who would better manage the economy to escape the virus-induced economic collapse.
According to Newt Gingrich—former speaker of the House—President Trump created a strong economy before the pandemic and he can do it again.
In an op-ed article posted on Fox News on Sunday, Oct. 18, Gingrich said that many Americans are philosophical about what kind of country they want when the election is underway.
One direct question posed to them is how long they want it to take for America’s economy to recover from the virus pandemic.
A recent survey by Gallup also found that voters consider the economy as the most important among 16 issues that may potentially affect their choice for president.
In Gingrich’s opinion, Democratic presidential nominee Joe Biden and his allies often say that when Biden was vice president he helped oversee the longest recovery in American history after the 2008 recession.
“That’s one way to say it. Indeed, Biden’s recovery lasted eight years—and by the end of his tenure, American still was still recovering. You could also say it was the slowest economic recovery in American history,” Gingrich wrote.
President Trump’s economic recovery for America
“Then Donald Trump was elected president. His aggressive effort to cut red tape on American businesses (large and small), the passage of the Tax Cuts and Jobs Act of 2017, and his willingness to fight for American interests in international trade led the U.S. economy to actually recover,” he added.
Gingrich cited CNN’s Christine Romans who acknowledged that one year after Trump’s election there was momentum, an energy, a bravado in the Trump economy “as if corporate America, Wall Street, and even blue-collar workers suddenly have their mojo back.”
In fact, just before the CCP Virus broke out, forcing businesses to close, Americans had finally seen median income and wage growth.
“We had been enjoying historic employment numbers—especially African Americans, Latino Americans, and women,” Gingrich wrote. “Except for a few brief dips, the stock market had been consistently hitting records, growing the retirement accounts of millions of Americans.”
And by December 2019, the American economy had not just recovered—it was nearly the strongest it had been in two decades. And 76% of Americans polled believed economic conditions were positive, which represented the highest mark since 2001.
Just earlier this month, Gallup reported that 56% of Americans said they were better off now—even in the face of the coronavirus—than they were four years ago, when Biden’s so-called recovery was in its eighth year.
Gingrich raised a question for voters to consider as the Nov. 3 election is nearing, asking if they want another eight-year Biden recovery, or want a much quicker Trump recovery.