In the last Democratic debate, candidates challenged the narrative that record-setting stock market performance and historically low unemployment rates signal the success of Trump’s economy. They countered describing how this economy is failing most Americans. Despite low unemployment, wage stagnation means people work multiple jobs. The high cost of housing and healthcare are leaving people with insufficient access to either. Trump’s tax cuts disproportionately enriched corporations and the wealthy. In short, the “booming economy” is just another massive transference of wealth from the middle and working classes to the top wealth hoarders.
In response to news that the economy created 266,000 jobs in November and the unemployment rate dipped to 50-year lows, CNN editor-at-large Chris Cillizza rehashed the tired but nonetheless damaging and deceptive narrative that “the economy” is indeed strong, providing Trump a clear path to re-election if only he were politically deft and disciplined enough to stay on it. Cillizza suggests he isn’t and that it is precisely his inability to stay on point about the success of the economy that threatens his 2020 re-election bid.
Recently Republican Congressman Sean Duffy from Wisconsin, in an interview with MSNBC’s Chris Hayes, framed the looming prospect of Donald Trump’s impeachment as ridiculous.
His reason? The economy is supposedly booming. He told Hayes, “They have higher wages, lower unemployment. We’re killing it in Wisconsin. You want to impeach that guy?”
The Trump economy is finally kicking in.
After increasing steadily during the Obama years, the stock market declined substantially in 2018. Many economic experts say that this is a forecast of troubles ahead as 2019 might bring declining economic growth and possibly a recession. It may also bring the end of Donald Trump‘s reign as leader of the free world.
According to the U.S. Department of Labor (DOL), American workers’ paychecks are worth less than they were a year ago.
Despite President Donald Trump boasting about how better off Americans are now, the truth is that for the first time in many years average Americans are losing ground. Economic growth has not meant more prosperity for the middle and working classes. Rising prices have erased U.S. workers’ meager wage gains.