We can return to the explosive job creation, rising wages and general prosperity we had before the pandemic. We can have economic freedom and opportunity, and resist cancel culture and censorship. We can put annus horribilis, 2020, behind us and make America great again, again. We can do all this — if we make the right choice on Nov. 3.
The New York Post endorses President Donald J. Trump for re-election.
*Elections are always about the economy, but never more so than this year.
So a reminder: Until the necessary shutdown to fight the coronavirus, the unemployment rate stood at 3.5 percent, the lowest in a half-century. African American unemployment was 6.8 percent, the lowest figure since 1972.
Adults out of the workforce for years found new prospects; for 17 months of Trump’s term, there were 1 million more job openings than people unemployed.
That drove up salaries. For the first time in a decade, wage growth exceeded 3 percent year-over-year. It also narrowed the wealth gap. Between 2016 and 2019, real median incomes rose the most, 9 percent, for those without a high school diploma. Real median incomes declined 2.3 percent for those with a college degree, mostly because older workers retired, according to the Federal Reserve’s Survey of Consumer Finances.
How did President Trump do it? First, by trusting the free market. He championed lowering the corporate tax rate to a figure more in line with the rest of the industrialized world. He cut cumbersome regulations, particularly ones rammed through as President Barack Obama was headed out the door. He streamlined the permitting process that would delay infrastructure projects by years, sometimes decades.
A Joe Biden administration would be beholden to a socialist left that sees an opportunity to remake the nation in its vision, one more dependent on government debt. Consider Biden’s dance on fracking — against it for his party, in favor of it in general because he knows what a positive force it’s been for Pennsylvania. Which position would he have in office?
Trump also rejected the globalist axiom that trade deals and unfettered immigration were better for Americans. The US has lost 3.7 million jobs to China since 2001, according to the Economic Policy Institute. And this undermining of our workers with cheap foreign labor did nothing to encourage openness and democracy in Beijing. China’s authoritarianism has only grown worse with concentration camps for Uighurs, crackdowns in Hong Kong and the shuttering of independent churches. The nation remains a manipulative planned economy that devalues its currency and exploits its trade deficit.