Earlier last week, President Biden had a press conference where he congratulated himself on having 50 million doses of the vaccine. Well, congratulations, Mr. President. I immediately did a quick calculation. I said, well, 50 million doses, he’s been in office for 37 days, that’s 1.35 million doses of vaccine (produced) per day. And then, I did a quick calculation, wait a minute, I remember, the last few days before the inauguration on January 20th, including on January 20th, President Trump left him with just 1.3 million doses of vaccine (production capacity) per day. You know, I’m happy about that. But don’t he tell me that there was no vaccine before because we (left the White House) handed him 1.3 million doses of vaccine per day! Now it’s 1.35 million doses a day. (President Biden,) please don’t say that, you’re insulting the intelligence of Americans. We all know that.
The top 10 percent of income earners they are doing just fine, growing by 4 percent, while the blue collar growth rate is at 10 percent. The top 1 percent of income had a growth rate of only about 3 percent. Who won? Everyone wins. The rising tide lifted all boats, but it was the middle-class blue-collar class that benefited the most, not the very rich.
True household net worth, you know household net worth is assets minus liabilities. Your house, your 401K (pre-tax retirement plan), your cash. In the three years before the Great Plague, the net worth of the bottom 20 percent of households increased by 34 percent; the net worth of the middle class of households increased by 20 percent; attention is drawn to the fact that the net worth of the top 10 percent of households actually declined by 9 percentage points (0.9 percent)! These are data from the Federal Reserve Census Bureau. The wealthiest households are not growing as fast as the middle tier, while the bottom tier has the highest rate of wealth growth.
The unemployment rate was 3.5% and the biggest winners were African-Americans, Latinos, Asian-Americans, women, and blue-collar workers with only a high school diploma; all of these groups saw the lowest unemployment rate in 50 years; and all of America’s working population reached a record 160 million people. These are numbers that have never been heard of before. Never before heard of, and also, the U.S. poverty rate is down to its lowest point in the last 60 years.
Because of Trump’s policies, 6.6 million people were lifted out of poverty in the U.S. in the three years before the outbreak, giving 6.6 million people (who didn’t have jobs) the opportunity to work and earn success, 6.6 million people.
Of course, the (Trump Administration‘s) low-tax and low-regulation economy is still largely there, and now you’re seeing America recover as the plague subsides, the huge supply of vaccines and herd immunity grows rapidly day after day.
Again, this was a strong recovery, but unfortunately this terrible thing happened and that recovery was interrupted by this natural disaster (the pandemic). And now we’re recovering, as long as we don’t mess with it. The government is not going to help the U.S. economy if it increases taxes, if it increases (excessive) government regulation, if it stops the use of oil fuels, if it gives in to (communist) mainland China, if it favors Iran. None of these policies will help those Americans who need help the most.
Such a policy is not “America First”. That’s my biggest concern. That’s my biggest concern. If you allow the U.S. economy to grow by its own internal mechanisms under Trump’s policies, the U.S. economy will thrive. But the economy will collapse if (those in power now) spoof it, if they start to punish success, if they malign the success of Trump’s policies, if they regress to the so-called “progressive economic policies” of the far left, which are actually the cousins of socialism (communism).
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