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The economy is growing, but very little of that growth is trickling down to average Americans. (Photo: Gage Skidmore/flickr/cc)
The Truth About Trump's Economy
Don’t be fooled.
Oct 31, 2018
I keep hearing that although Trump may be a scoundrel or worse, he's done a great job for the economy.
Baloney. Yes, the stock market is great, but 84 percent of it is owned by the richest 10 percent of Americans.
The economy is growing, but very little of that growth is trickling down to average Americans. Jobs may be back but they pay squat, especially compared to the rising costs of housing, healthcare, and education.
Trump slashed taxes on the wealthy and corporations, and he promised everyone else a wage boost of $4,000 but it never happened.
Meanwhile, employers continue to cut pension and healthcare benefits. Jobs are less secure than ever. One in 5 jobs is now held by a worker under contract, without any unemployment insurance, sick leave, or retirement savings.
Housing costs are skyrocketing, with a large portion of Americans now paying a third of their paychecks in rent or mortgages.
Trump's budget proposes drastic cuts in low-income housing. Trump's undermining of the Affordable Care Act is also making life harder. Over the past two years, some 4 million people have lost healthcare coverage, according to the Commonwealth Fund.
The costs of college education continue to soar. All Trump has done is make it easier for for-profit colleges to defraud students.
And as the climate changes, more Americans are being hit with floods, mudslides, droughts, and wildfires.
And what's Trump's response? Allow more carbon pollution into the atmosphere and make climate change even worse.
So don't be fooled. Don't judge this economy by the stock market or economic growth, or even the level of unemployment.
Look at actual living standards of average working Americans, and you see an economy that's getting worse, not better.
An Unconstitutional Rampage
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Robert Reich
Robert Reich, is the Chancellor's Professor of Public Policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, for which Time magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. His book include: "Aftershock" (2011), "The Work of Nations" (1992), "Beyond Outrage" (2012) and, "Saving Capitalism" (2016). He is also a founding editor of The American Prospect magazine, former chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." Reich's newest book is "The Common Good" (2019). He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.
I keep hearing that although Trump may be a scoundrel or worse, he's done a great job for the economy.
Baloney. Yes, the stock market is great, but 84 percent of it is owned by the richest 10 percent of Americans.
The economy is growing, but very little of that growth is trickling down to average Americans. Jobs may be back but they pay squat, especially compared to the rising costs of housing, healthcare, and education.
Trump slashed taxes on the wealthy and corporations, and he promised everyone else a wage boost of $4,000 but it never happened.
Meanwhile, employers continue to cut pension and healthcare benefits. Jobs are less secure than ever. One in 5 jobs is now held by a worker under contract, without any unemployment insurance, sick leave, or retirement savings.
Housing costs are skyrocketing, with a large portion of Americans now paying a third of their paychecks in rent or mortgages.
Trump's budget proposes drastic cuts in low-income housing. Trump's undermining of the Affordable Care Act is also making life harder. Over the past two years, some 4 million people have lost healthcare coverage, according to the Commonwealth Fund.
The costs of college education continue to soar. All Trump has done is make it easier for for-profit colleges to defraud students.
And as the climate changes, more Americans are being hit with floods, mudslides, droughts, and wildfires.
And what's Trump's response? Allow more carbon pollution into the atmosphere and make climate change even worse.
So don't be fooled. Don't judge this economy by the stock market or economic growth, or even the level of unemployment.
Look at actual living standards of average working Americans, and you see an economy that's getting worse, not better.
Robert Reich
Robert Reich, is the Chancellor's Professor of Public Policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, for which Time magazine named him one of the 10 most effective cabinet secretaries of the twentieth century. His book include: "Aftershock" (2011), "The Work of Nations" (1992), "Beyond Outrage" (2012) and, "Saving Capitalism" (2016). He is also a founding editor of The American Prospect magazine, former chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." Reich's newest book is "The Common Good" (2019). He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.
I keep hearing that although Trump may be a scoundrel or worse, he's done a great job for the economy.
Baloney. Yes, the stock market is great, but 84 percent of it is owned by the richest 10 percent of Americans.
The economy is growing, but very little of that growth is trickling down to average Americans. Jobs may be back but they pay squat, especially compared to the rising costs of housing, healthcare, and education.
Trump slashed taxes on the wealthy and corporations, and he promised everyone else a wage boost of $4,000 but it never happened.
Meanwhile, employers continue to cut pension and healthcare benefits. Jobs are less secure than ever. One in 5 jobs is now held by a worker under contract, without any unemployment insurance, sick leave, or retirement savings.
Housing costs are skyrocketing, with a large portion of Americans now paying a third of their paychecks in rent or mortgages.
Trump's budget proposes drastic cuts in low-income housing. Trump's undermining of the Affordable Care Act is also making life harder. Over the past two years, some 4 million people have lost healthcare coverage, according to the Commonwealth Fund.
The costs of college education continue to soar. All Trump has done is make it easier for for-profit colleges to defraud students.
And as the climate changes, more Americans are being hit with floods, mudslides, droughts, and wildfires.
And what's Trump's response? Allow more carbon pollution into the atmosphere and make climate change even worse.
So don't be fooled. Don't judge this economy by the stock market or economic growth, or even the level of unemployment.
Look at actual living standards of average working Americans, and you see an economy that's getting worse, not better.
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