Release: Trump’s Economic ‘Rocket Ship’ Sputters Out As Economy Shrinks 5%
PHOENIX – In recent days Donald Trump and White House aides have described the country’s economic growth in comparison to a “rocket ship” and promised “Greatness, and soon!” But today the United States is competing for the highest number of coronavirus cases in the world with nearly 2.5 million cases. As a result, the US economy has shrunk by 5%.
Arizona faces a 10 percent unemployment rate, which continues to climb. More than 30,000 people in Arizona filed initial claims for unemployment insurance last week, according to the Department of Economic Security. That was an increase of about 7,000 from the prior week.
Economists at the Federal Reserve and the Congressional Budget Office predict that a full economic recovery may take years if we continue down this path. With a vaccine not likely to be developed until 2021, we are only beginning to see the impact of the economic crash.
“Trump is acting like this crisis is over while Arizonans continue to file for unemployment and businesses close their doors. In November, Arizonans will reject Trump’s rocket ship to nowhere and vote to restore integrity to the White House,” said Matt Grodsky, Arizona Democratic Party spokesman.