Obama Official Shocks Dems & Tell Them Their Worst Nightmare Is About To Come True, ‘Everyone Looked Puzzled & Thought I Had Misspoken.”
Former Obama administration officials, Jason Furman, who’s now an economist professor at Harvard shocked Democrats during a Zoom presentation to a large bipartisan group.
Furman, who was one of Obama’s top economists gave the presentation in early April. At the time the economy had just been completely shut down and unemployment claims were skyrocketing, it looked like the country was about to collapse.
The audience was full of top officials from both parties including former cabinet secretaries and Federal Reserve chairs when Furman said, “We are about to see the best economic data we’ve seen in the history of this country.”
“Everyone looked puzzled and thought I had misspoken,” Furman said in an interview. At the time it looked as though America was about to fall into another Great Depression. Furman then laid out the details showing that in the coming month’s Trump will be able to tout about the explosive growth that is about to happen.
According to Politico here’s how Furman laid it out:
The premise explained that the 2020 pandemic-triggered economic collapse is categorically different than the Great Depression or the Great Recession, which both had slow, grinding recoveries.
Instead, he believes, the way to think about the current economic drop-off, at least in the first two phases, is more like what happens to a thriving economy during and after a natural disaster: a quick and steep decline in economic activity followed by a quick and steep rebound.
The Covid-19 recession started with a sudden shuttering of many businesses, a nationwide decline in consumption and massive increase in unemployment. But starting around April 15, when economic reopening started to spread but the overall numbers still looked grim, Furman noticed some data that pointed to the kind of recovery that economists often see after a hurricane or industrywide catastrophe like the Gulf of Mexico oil spill.
Consumption and hiring started to tick up “in gross terms, not in net terms,” Furman said, describing the phenomenon as a “partial rebound.” The bounce back “can be very very fast, because people go back to their original job, they get called back from furlough, you put the lights back on in your business. Given how many people were furloughed and how many businesses were closed you can get a big jump out of that. It will look like a V.”
This is exactly what Trump Administration officials have been saying from the get-go.
“I totally agree,” Larry Kudlow, head of the White House National Economic Council, replied in a text message when asked about Furman’s analysis. “Q3 may be the single best GDP quarter since regular data. 2nd half super big growth, transitioning to 4% or more in 2021.” He called Furman, whom he said he knows well, “usually a straight shooter. Hats off to him.”
“I have been saying that on TV as well,” said Kevin Hassett, a top Trump economic adviser, who pointed to a Congressional Budget Office analysis predicting a 21.5 percent annualized growth rate in the third quarter. “If CBO is correct we will see the strongest quarter in history after the weakest in Q2.”
This now explains why blue states are still locked down because they know what’s going to happen. Democrat officials are trying to stall the economy.
“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.”
Can you imagine being worried that the country will succeed? How shameful of an attitude!
Democrats know what they are up against and admit Biden is helpless. One Democrat official who wanted to remain nameless – probably so he doesn’t get fired – said, “Trump beats Biden on the economy even right now! This is going to be extremely difficult no matter what. It’s existential that we figure it out. In any of these economic scenarios Democrats are going to have to win the argument that our public health and economy are much worse off because of Donald Trump’s failure of leadership.”
They won’t be able to, no one, not even the mainstream media disputes that America’s economy up to the pandemic was the best in history and they know Biden doesn’t measure up. All the Democrats can do now is try to delay the inevitable and keep the states they control locked down.
Furman summed it up best…
“Even today when we are at over 20 million unemployed Trump gets high marks on the economy, so I can’t imagine what it looks like when things go in the other direction. I don’t think this is a challenge for the Biden campaign. This is the challenge for the Biden campaign. If they can’t figure this out they should all just go home.”