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 Trump’s chances at reelection.Well, Democrats: Brace for some bad news.
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."
Heh!Update: Contrary to predictions, the unemployment rate falls from 14.7 to 13.3 percent in May as Trump pushes to reopen the economy https://t.co/cLgrP7LTRK— POLITICO (@politico) June 5, 2020
On this news, the stock market soared today, more than 800 points on the Dow, a gain of 3+%.
Trump was dignified and restrained in his gloating and mockery of the left's doomsayers.Althouse, I think they're hoping!
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."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.
"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 ...
I'm seeing "Why the Shockingly Good Jobs Report Might Be Bad News" (New York Magazine).
What godawful talking points did they come up with? Click for more »