Trump’s Economy Leaves Working Americans Behind
August 27, 2020
Even before coronavirus, there wasn’t much that was great about Trump’s economy for working Americans. Low- and middle- income Americans have fallen further and further behind.
Low- and middle-income Americans struggled to pay their bills even before the pandemic hit.
Pew Poll: “Two-thirds of lower-income adults (65%) say they worry almost daily about paying their bills, compared with about one-third of middle-income Americans (35%) and a small share of upper-income Americans (14%).”
Even before coronavirus, most Americans said they weren’t any better off financially under Trump.
Financial Times: “31 percent of Americans say they are now worse off financially than they were at the start of Mr Trump’s presidency. Another 33 per cent say there has been no change in their financial position since Mr Trump’s inauguration in January 2017.”
Pew Research Center: “About six-in-ten Americans (58%) say the economy is hurting those in the middle class, while 32% say the middle class is being helped by the current economy. Americans across income levels are about equally likely to say the current economy is hurting the middle class.”
Middle-class income growth slowed under Trump as his policies focused on helping only the wealthiest Americans.
Bloomberg: “While the jobless rate continued to fall during Trump’s first two years, median household income, adjusted for inflation, grew at an average annual rate of 1.3%. That’s down from a 4.1% annual rate the previous two years and a 1.8% annual rate during Obama’s entire second term, according to U.S. Census data released last month.”
The Guardian: “Trump’s tax cuts helped billionaires pay less than the working class for first time”
The coal and steel industries lost thousands of jobs last year.
New York Times: “Mr. Trump’s policies have also not revived employment in coal mining, as he promised; the sector lost 1,000 jobs nationwide in 2019, according to the Labor Department. Primary metals manufacturing, which includes the steel and aluminum industries that Mr. Trump claimed to have restored with tariffs, shed about 12,000 jobs in 2019.”
The economy isn’t recovering for the working class as Trump fails to provide real relief for those suffering from the fallout of coronavirus.
Washington Post: “The recession is over for the rich, but the working class is far from recovered”
Washington Post: “But Trump’s directives have so far produced limited economic relief for Americans hurt by the coronavirus pandemic, despite promises by top White House aides that help would come within weeks. By Friday, only Arizona had started sending the extra $300 to its residents.”