Economic recovery starts, thanks to capitalism
As Washington has been frozen in debate about whether to pass massive new economic stimulus legislation, something interesting has happened in the real world.
In the real world, Americans sent a message to politicians saying they can take of themselves just fine, thank you.
The Bureau of Labor Statistics report for the month of August just came in saying the U.S. economy is surging forward in strong recovery mode.
The economy created 1.4 million new jobs, and the unemployment rate dropped to 8.4% -- not pretty compared with the 3.5% rate in February, before COVID-19 hit. But compared with where we were in April, at 14.7% unemployment, this is a remarkable recovery.
It's also quite remarkable given where things stood during the attempted recovery from the last recession, which began in 2008-2009. Back then, it took more than three years to get unemployment below 8%. This was achieved now in less than six months.
Great economic news should be exhilarating to everyone. But, for sure, what is great news for normal people is taken as bad news by politicians on the left who want to run our lives.
We can recall the sentiment captured in the often-quoted observation of Rahm Emanuel, former chief of staff to Barack Obama and, most recently, former mayor of Chicago.
"You never want a serious crisis to go to waste," he said. "(I)t's an opportunity to do things that you think you could not do before."
If anything, Emanuel gets high marks for honesty. He was telling us that during times of stress, when many are afraid, those in politics who aspire to attain power and control over the lives of others have an opportunity to move in and take over.
It's exactly what is happening now.