Photo: Joe Raedle/Getty Images

President Trump promised on Wednesday to lift the economy "to unprecedented heights" and bring about a quick "return to full employment," but did not lay out specific economic plans for a potential second term.

Why it matters: Economists have largely abandoned expectations that the economy and labor market will spring right back to pre-pandemic levels. Instead, they are bracing for an uneven, sluggish road back.

What he's saying: President Trump told an event hosted by the Economic Club of New York on Wednesday that "we're going again for a big middle-income tax cut" — which he also promised ahead of the 2018 elections — but didn't provide specifics.

  • Trump also said he has an infrastructure plan now, "but we're gonna make it much bigger." He did not elaborate.
  • Trump positioned the election as "a choice between a socialist nightmare and the American Dream," and he claimed a Joe Biden victory would cause a "steep" economic depression.

The big picture: President Trump also said the White House was "trying to get some stimulus money" for industries battered by the pandemic, like the airlines and cruise lines.

  • He said he'd like to see the Democrats "loosen up a little bit" — a week after Trump called off negotiations and then demanded that Congress "go big or go home" on stimulus.
  • Negotiations remain at an impasse. Treasury Secretary Steven Mnuchin, who had a call with Speaker Nancy Pelosi on Wednesday, said that it's unlikely there will be a COVID relief deal before the election.

Go deeper: Where Trump stands on economic promises

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Updated Oct 25, 2020 - Politics & Policy

Trumpworld coronavirus tracker

Photo: Saul Loeb/AFP via Getty Images

An outbreak of COVID-19 has struck the White House — including the president himself — just weeks before the 2020 election.

Why it matters: If the president can get infected, anyone can. And the scramble to figure out the scope of this outbreak is a high-profile, high-stakes microcosm of America's larger failures to contain the virus and to stand up a contact-tracing system that can respond to new cases before they have a chance to become outbreaks.

9 hours ago - Politics & Policy

Election night in Trumpworld

Photo illustration: Aïda Amer/Axios. Photo: Chris Carlson-Pool/Getty Images

A luxe election-night watch party at the Trump International Hotel on Pennsylvania Avenue is being planned for President Trump's donors, friends and advisers — but Trump's hand in it is minimal because he's "very superstitious" — people familiar with the plans tell Axios.

The big picture: This "mecca for all things MAGA," as one adviser described it, is one of three hubs where they say Trumpworld will watch returns. The others are the war room at campaign HQ in Rosslyn, Virginia, and the White House residence, where Trump and the first lady will gather close family and advisers before heading to the hotel later that night, the sources said.

Oct 24, 2020 - Politics & Policy

Obama: The rest of us have to live with the consequences of what Trump's done

Photo: Joe Raedle/Getty Images

Campaigning for Joe Biden at a car rally in Miami on Saturday, Barack Obama railed against President Trump's response to the coronavirus pandemic, saying "the rest of us have to live with the consequences of what he's done."

Driving the news: With less than two weeks before the election, the Biden campaign is drawing on the former president's popularity with Democrats to drive turnout and motivate voters.