President Barack Obama and Vice President Joe Biden meet with senior staff and members of the economic team in the Oval Office, Dec. 5, 2010.
Do you remember an interview on “60 Minutes” when President Obama spoke of the “new normal”? The year was 2010, and Obama was warning viewers that businesses needed to adjust to fewer employees … that the job market in America would never expand.
GDP was 1.9% when President Obama and Joe Biden left office. Obama and Biden, along with many pundits, mocked Donald Trump’s promise of 3% or better economic growth.
In RealClearPolitics, Cal Thomas reports from the Dept. of Commerce:
- Economic growth has reached 3.1%, manufacturing jobs have returned in many industries and unemployment is at the lowest rate in nearly 50 years.
- Wage growth is up, as is the stock market, which, in spite of the recent dip due to uncertainty over trade with China, remains at record highs.
As Mr. Thomas notes, this is good news for investors, especially retirees, whose IRAs are producing more income than during the Obama-Biden years.
Biden and every other Democrat running for president would likely raise taxes, re-impose regulations on businesses and Wall Street and name liberal judges to the federal benches who will interpret the Constitution according to their personal biases.
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