“We are about to see the best economic data we’ve seen in the history of this country,” Harvard Professor Jason Furman told a group of bipartisan leaders from both parties, Politico reported.
“Instead of forecasting a prolonged depression-level economic catastrophe, Furman laid out a detailed case for why the months preceding the November election could offer Trump the chance to brag — truthfully — about the most explosive monthly employment numbers and GDP growth ever,” Politico reported. “Furman’s counterintuitive pitch has caused some Democrats, especially Obama alumni, around Washington to panic.”
One former top Obama official told Politico that this was their “big worry,” and, when asked about the level of concern that this scenario has among top Democrat party officials, the individual said, “It’s high — high, high, high, high.”
FURMAN IS ADAMANT
Furman isn’t backing down. He continues to say the same thing to anyone who will listen.
The Harvard professor believes the recovery after the pandemic 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.’
He sees a recovery more like one after a hurricane or any disaster.
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.”
That’s good news, great news, but the Democrats are very worried that it will happen. They clearly don’t want that. All that matters is that they win so they have the power to enact their far-left agenda.
Larry Kudlow, the head of the White House National Economic Council, told Politico that he “totally agree[s]” with the analysis that Furman presented to political officials last month, adding, “Q3 may be the single best GDP quarter since regular data. 2nd half super big growth, transitioning to 4% or more in 2021.”
Other top Trump administration officials, including Kevin Hassett and Peter Navarro, indicated that they agreed with the analysis.