The Real Economy
The Trump economy is booming if you have a fat portfolio and some large corporation has just offered to buy back your stock at a premium. But what about the real economy for everybody else?
Consider: “In real terms, the weekly earnings of a typical working American fell $16.80, or 1.9 percent, during Donald Trump's first 18 months as president.” This is from an analysis by Robert J Shapiro in the Washington Post.
Let’s look at some real statistics from the real world.
Struggling in a strong economy
40% of American families struggled to meet a basic need last year—food, health care, housing or utilities—according to an Urban Institute survey of 7,600 adults (reported by AP's Sarah Skidmore Sell):
· 23% of households struggled to feed their family at some point during the year.
· 18% didn't seek care for a medical need because of the cost.
· 13% missed a utility payment.
· 10% didn't pay the full amount of their rent or mortgage or paid it late.
While only 4% of American workers earn minimum wage, about 30% earn near minimum wage.
Additionally, 52% of fast food workers are on some kind of public assistance.
A yearly wage at minimum wage is $15,080. At the $11 an hour starting wage at Walmart the annual salary is $22,880. Even at the oft-mentioned $15 an hour it is only $31,200.
A lot of Americans need a raise and they are not going to get with a Republican Congress. So spend that $60 a month extra that Denver Riggleman crows about in his TV ad wisely.
Voters say 2-to-1 the GOP’s new tax law benefits rich over middle class
That’s one result of a survey commissioned by the Republican National Committee which was completed on Sept. 2 by the GOP firm Public Opinion Strategies and obtained by Bloomberg News.
The result was fueled by self-identified independent voters who said by a 36-point margin that large corporations and rich Americans benefit more from the tax law.