Published on
by

The 7 Biggest Failures of Trumponomics

Trumponomics has exploded the deficit, hurt ordinary Americans, and lined the pockets of the wealthy and corporations

Trumponomics has been a disaster. (Photo: Screenshot/Youtube)

Trumponomics has been a disaster. (Photo: Screenshot/Youtube)

Donald Trump and Republicans in Congress keep crowing about the economy, when in reality Trumponomics has been a disaster. Here are its 7 biggest failures:

1. Trump promised to bring down America’s trade deficit “as fast as possible.” Instead, the trade deficit has hit an all-time high. The United States is now purchasing more goods and services from the rest of the world than we sell abroad than at any time in history.

2. As a presidential candidate in 2016, he said he could completely eliminate the federal debt in 8 years. Instead, the federal debt has exploded thanksto Trump and the GOP’s $1.9 trillion tax cuts for the wealthy and corporations. They’re already using the growing debt to threaten cuts to Social Security, Medicare, and Medicaid.

3. He promised to boost the wages of American workers, including a $4,000 pay raise for the average American family. Instead, wages for most Americans have been flat, adjusted for inflation. Meanwhile, over the same period, corporate profits have soared and the rich have become far richer, but the gains haven’t trickled down.

4. His administration said that corporations would invest their savings from tax cuts. Instead, corporations spent more money buying back shares of their own stock in 2018 than they invested in new equipment or facilities. These stock buybacks provide no real benefit for the economy, but boost executive bonuses and payouts for wealthy investors.

5. He promised a tax cut for middle-class families. Instead most Americans will end up paying more by 2027.

SCROLL TO CONTINUE WITH CONTENT

The media landscape is changing fast

Our news team is changing too as we work hard to bring you the news that matters most.

Change is coming. And we've got it covered.

Please donate to our 2019 Mid-Year Campaign today.

6. He promised to keep jobs in America and crack down on companies that ship jobs overseas. Instead, his tax law has created financial incentives for corporations to expand their operations abroad. Trump’s trade wars have also encouraged companies like Harley Davidson to move production overseas.

7. He promised to “drain the swamp” of Washington lobbyists. Instead, he’s put them in charge of health, safety, and environmental protections–which has endangered most Americans while increasing corporate profits even further.

The real recipe for economic growth is to invest in Americans–in their health, education, job training, and infrastructure.

But Trumponomics has exploded the deficit, hurt ordinary Americans, and lined the pockets of the wealthy and corporations. 

Don’t let Trump and Republicans claim otherwise.

We want a more open and sharing world.

That's why our content is free. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. How? Nonprofit. Independent. Reader-supported.

All of our original content is published under Creative Commons—allowing (and encouraging) our articles to be republished freely anywhere. In addition to the traffic and reach our content generates on our site, the multiplying impact of our work is huge and growing as our articles flourish across the Internet and are republished by other large and small online and print outlets around the world.

Several times a year we run brief campaigns to ask our readers to pitch in—and thousands of small donations fund our newsroom and allow us to continue publishing. Our 2019 Mid-Year Campaign is underway. Can you help? We can't do it without you.

Please select a donation method:



Robert Reich

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 the twentieth century. He has written fiften books, including the best-sellers Aftershock, The Work of Nations, Beyond Outrage and, Saving Capitalism. He is also a founding editor of The American Prospect magazine, 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." He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.

 
 

Share This Article