Its Official: The U.S. Economy Has Been In Recession Since February 2020. And Another Big First For PolitiDose

So says the National Bureau of Economic Research, the official economic arbiter, and that the recession began in February when the monthly peak of economic activity occurred.  The recession ended the 10 straight years of economic expansion that began in 2009 after the economic recession of 2008.

It was all predictable.  The only unknown was the date it would take place and PolitiDose was there in past commentary to tell the story and why.  So now the Trump administration joins every past republican administration since President Teddy Roosevelt where the economy went into recession on their watch.  The republican President's lack of a true economic policy in favor of trickle down economics and ideology has led to the precedent of republican administration recessions.  It is not just a coincident.

Nor is it a coincidence that the tax cuts by Reagan, Bush 43 and Trump did not accomplish what they said it would do for the economy.  Nor is it a coincidence that the three greatest bank failures took place on the republican watch of Hoover, Reagan and Bush 43 that cost the tax payers billions to  bail them out.  Nor is it a coincidence that no republican administration has balanced the federal budget in the last 60 years or left office with a smaller deficit than when they took office in the last 60 years.  And yes my fellow  Americans, its no coincidence that the largest percentage increase in the national debt took place on the republican watch of Reagan and Bush 43 in the last 70 years.

Republican administrations have been a disaster for the U.S. economy and its fiscal health.  Their ideology, sold as conservatism, is as phony as Trump's lies and fake news.  And now the recession merry-go-around of republican administrations begin again, only this time on Trump's watch.  But this time Trump has to deal with a nation wide pandemic which he wants the states to deal with.  When Trump's term in office ends on January 20, 2021 there will be a record behind his name which will define his four years in office.  Precedent tells us it will not be a good one.


This commentary  written  by Joe  Lorio

Coming soon:  The Stock Market