Trump’s Erratic Policies Contribute To Declining Wages
October 7, 2019
Trump’s economy is not benefitting working families. His erratic policies have contributed to wages declining, have only made the rich richer, and are leading to rising risks of a recession.
Trump’s erratic policies have contributed to workers’ wages falling behind the rest of the economy.
CNBC: “That 50-year low in unemployment isn’t helping worker paychecks”
CNBC: “While the September nonfarm payrolls report showed that the 3.5% unemployment rate is at a fresh 50-year low, it also indicated that average hourly earnings are on the decline. The one-cent-an-hour slip to $28.09 was the first month-to-month drop since October 2017 and the 2.9% year-over-year rise in wages was the slowest increase since July 2018.”
CNBC: “Indeed, even though the economy continues to grow at about a 2% pace, risks have become elevated that a combination of global weakness, the U.S.-China tariff war and geopolitical turmoil could cause a slowdown or recession in the U.S.”
For the first time on record last year, the wealthiest 400 Americans paid a lower total tax rate than any other income group.
New York Times: “For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.”
Trump’s erratic policies are leading to a rising risk of a recession.
CNBC: “The risk of a recession is rising, and the main threat to the economy is the Trump administration’s trade war, according to a survey released Monday by the National Association for Business Economics.”