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Trump vs. Biden on fixing unemployment, creating jobs during coronavirus: Where they stand
You can’t separate coronavirus crisis and economy: Hilsenrath
The Wall Street Journal global economics editor Jon Hilsenrath on the coronavirus pandemic’s impact on the economy.
With the election days away, the presidential candidates are pitching different ideas about how to restore the economy amid the coronavirus pandemic, which has infected more than 9 million Americans and killed 229,347.
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President Donald Trump's administration claims that the country is already well on its way to rebounding. The economy started to bounce back recently, growing at an annualized rate of 33.1% in the third quarter.
But the U.S. economy is still far below pre-pandemic levels–3.5% smaller than it was at the end of 2019.
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"Two big reasons explain President Trump’s success. The first is that his pro-growth, pro-worker agenda made our economic fundamentals stronger," the White House touted this week after the 33.1% annualized growth rate for the third quarter came out.
"Second, President Trump took targeted action to help American workers and families after the Coronavirus hit. His Administration negotiated the CARES Act, implemented the Paycheck Protection Program to save jobs, extended supplemental unemployment benefits, paused student loan payments, and halted evictions."
The president released a phased reopening plan earlier this year, but has largely left it up to state and local officials to make decisions about when it is best to reopen their individual economies.
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