“No president has ever failed to be reelected when you got a super-low unemployment rate going into the election,” Varney said on “Fox & Friends.”
“That’s what President Trump will have in 2020,” he added. “A low unemployment rate and a very strong chance of reelection, if you ask me.”
Varney also referenced reports from over the summer claiming that a recession was imminent.
“Back in August of this year, the pundits, some economists — certainly the left — and a lot of people in the media were confidently predicting that we are going to go into a recession,” he said. “They wanted us to go into a recession. They talked it up. Do you remember the inverted yield curve?”
Varney added, “All of a sudden, they were armchair experts on interest rates.”
The inverted yield curve is a key economic indicator, which represents a situation where interest rates on short-term loans are higher than on long-term loans. It usually serves as an accurate predictor of an economic recession.
“They didn’t want the president to be reelected,” Varney continued. “They wanted a recession. They wanted a poor economic performance so that Mr. Trump would be beaten.”
The deal would reduce tariffs on some Chinese goods and could be a boon to American farmers who have been hard hit by the 19-month trade war.
“Let’s get real for a minute. Next year, we are going to have two percent growth. That comes on top of 10 years’ worth of growth already and a strong performance already from the Trump economy,” Varney said.
“Growth next year, we have had 120 stock market record highs, 10,000 points up of the Dow Jones Industrial Average, [a] new trade deal with China, talk of a new trade deal with the British,” he added. “Add it all up and you still got economic growth, super-low unemployment, and absolutely no recession.”