Hoping to jumpstart a dramatically worsening U.S. economy, at least in some areas of the country by May 1, President Trump on Tuesday announced a Great American Economic Revival that will include input from experts and industry leaders, including the defense sector.
The bipartisan American Economic Revival Industry Groups “will work together with the White House to chart the path forward toward a future of unparalleled American Prosperity,” the White House said in a brief statement listing the groups and leaders. “The health and wealth of America is the primary goal, and these groups will produce a more independent, self-sufficient, and resilient Nation.”
The defense industry group includes Phebe Novakovic, chairman and CEO of General Dynamics [GD], Darius Adamczyk, chairman and CEO of Honeywell [HON], Marillyn Hewson, chairman, president and CEO of Lockheed Martin [LMT], Kathy Warden, chairman, president and CEO of Northrop Grumman [NOC], and Gregory Hayes, CEO of Raytheon Technologies [RTX]. Boeing [BA], the nation’s largest aerospace and defense contractor is not on the list.
The industry groups include representation from across the U.S. economy, such as agriculture, banking and finance, construction, energy, food and beverage, healthcare, hospitality, labor, manufacturing, real estate, retail, technology, telecommunications, transportation, professional sports and thought leadership.
Trump’s schedule for Wednesday included four teleconferences with different clusters of the industry groups. The defense executives were scheduled for a 2 p.m. Eastern Time call that also included agriculture, construction, labor, workforce, defense, energy, manufacturing, and thought leaders.
“We’ve had requests to participate from the best in the world as we share their enthusiasm to get our country going,” Trump said yesterday evening during a press briefing at the White House Rose Garden. “So, I thank you for wanting to contribute. And we look forward to speaking with many industry leaders, seeking their input on how we can return to what was, until very recently, the greatest economy anywhere in the world, and I can say the greatest economy in the history of the world. There’s never been an economy like we had.”
The White House statement combined with Trump’s comments were essentially the extent of the charge to the various industry and thought leaders.
Trump also said he would be speaking with the nation’s governors this week on plans to lift the economy and that details and guidelines for reopening the country will be out soon.
The global economy is suffering a collective gut-punch from the ongoing COVID-19 pandemic, with U.S. unemployment levels rising, retail sales plummeting, airlines operating at significantly lower capacity than just a few months ago, and industrial production down.