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Monday, December 2nd, 2019

‘We got side-tracked by really bad economic policy’: Moody’s analyst reveals how Trump’s economy is a flop .

Author:     Sarah K. Burris
Source:     Raw Story
Publication Date:     November 27, 2019
 Link: ‘We got side-tracked by really bad economic policy’: Moody’s analyst reveals how Trump’s economy is a flop .
Stephan:   Every week I get emails from readers telling me about how difficult their lives have become financially. The stock market and the Dow Jones may be doing well, but ordinary Americans are not. As you have heard me say before 40% of Americans could not write a $400 check comfortably. Trump a prophet of Neoliberalism has materially degraded the quality of life of the very people who vote for him. That they don't see this, or recognize it for what it is, or understand cause and effect, is one of the saddest parts of this trend.

Credit: Raw Story

As Americans head into another holiday season it appears the economic situation isn’t better for the vast majority.

An MSNBC report from Chris Hayes took a deeper dive into economic numbers, showing the difficulties people are facing. The Peterson Foundation revealed in a late October poll that only 35 percent of Americans believe they are better off than before. A full 33 percent say they’re the same and 31 percent said they are worse off. That is an astounding two-thirds of Americans who aren’t benefitting in President Donald Trump’s economy.

Hayes noted that given the economic successes, most Americans should be doing exceptionally well. Former Department of Labor chief economist Betsey Stevenson warned of rising economic inequality ushing in tremendous successes for the top percent of wage earners, but it isn’t trickling down to middle-class families. She noted that in 2018 there was evidence of a slow-down in wage growth compared to what was seen between 2013 and 2017.

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2 Comments

  1. Rev. Dean on Monday, December 2, 2019 at 3:33 am

    In a magazine called “The New Republic” they spell out in great detail the valid constitutional crimes that make up the reasons why Trump should be impeached. They show all his crimes spelled out in depth and this is the best article I have seen on the subject.

  2. David Center on Monday, December 2, 2019 at 8:57 am

    Note that what is being reported by the Peterson Foundation poll is perceptions not reality. What one feels to be the case isn’t necessarily true. Here is a more optimistic report on all earners not just a selected slice from the income pie:

    While it may be true that the middle class is shrinking, it doesn’t appear to be due to shrinking income. In 1967 the proportion of all households with incomes between $35,000 and $100,000 was 53.2% by 2016 it was down to 42.%. However, in the same time period the proportion of households with incomes in excess of $100,000 rose from 8.1% in 1967 to 27.7% in 2016. At the same time, the proportion of households with incomes of less than $35,000 dropped from 38.7% in 1967 to 30.2% in 2016. In short, the proportion of low income households has shrunk, the proportion of middle class households has shrunk and the proportion of high income households has expanded. Note: Income figures are in 2016 dollars. Data source: U.S. Census Bureau