For over a year now, Americans have suffered through the worst global pandemic in over 100 years, the effects of which have been felt throughout all demographics within our diverse nation — with the country’s economy, which was enjoying the longest period of economic expansion in history, unfortunately entering a period of contraction beginning in March of last year.
According to the National Bureau of Economic Research (NBER), that expansion had begun in of June 2009, following the enactment of the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act, which saw economic growth average 2.3% from mid-2009 through early 2020.
The period of growth hit its highest notes during the Trump presidency, behind the revitalizing strength of the Tax Cut and Jobs Act of 2017 and the former president’s deregulatory efforts, which spurred an economic renaissance for the country, that had been hemorrhaging manufacturing jobs to countries like China.
Some of the biggest beneficiaries of President Trump’s economic doctrine were American minorities, who enjoyed higher wages, expanded opportunities and the lowest recorded unemployment numbers among the Black and Hispanic communities. Although the good times hit a snag with COVID-19, related job cuts and working-hour reductions, even now as the economy rebounds minorities and working-class Americans have been the hardest hit.
Even as the left continually claims that they alone are looking out for minorities, often time the real evidence undermines that view. Consider the online loan industry.
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