Contrary to Democrat Talking Point, The Economy is Working for Everyone
S E E D E D C O N T E N T
With the unemployment rate at its lowest level in 50 years and wages growing at their fastest pace in a decade, even Democrats cannot deny that the economy is booming. But in an attempt to downplay President Trump's economic success, they are claiming that these economic gains are merely going to the rich.
House Speaker Nancy Pelosi said last week that "the evidence shows that most of the economic gains continue to benefit those already well-off." House Majority Leader Steny Hoyer claimed, "wages aren’t growing fast enough to allow millions of workers to keep pace and feel that real economic security is within reach." And Sen. Cory Booker broadly asserted that "Americans are struggling."
This Democratic characterization of Trump's economy is not new. Earlier this year, Kamala Harris said, "The economy is not working for working people.” Senate Minority Leader Chuck Schumer complained that “the state of the Trump economy is failing America’s middle class.” And for Sen. Elizabeth Warren, the economy is perpetually "rigged" -- whatever that means.
This diversion tactic fails on its merits. Start with unemployment rates, which are at or near record lows for Hispanic, black, female, and young workers. The unemployment rate for Americans without a high-school education, supposedly a group that's been shafted in today's economy, is hovering near a record low. The rate for those with disabilities has fallen by more than 20 percent over the last year to a mere 6.3 percent -- the lowest level on record.
Then look at wages. While average wages have been growing at about 3.2 percent for several months now, they've been increasing even faster for middle-class production and nonsupervisory workers. Last year, wage growth was 6.5 percent for the 10th percentile of workers with the lowest incomes -- about double the overall average. Contrast this wage growth to the paltry 2 percent averageunder President Obama.
Over the last five quarters, economic growth has exceeded 3 percent -- more than 50 percent higher than the average under the Obama administration. As socialist economist Thomas Piketty pointed out in his celebrated, if unreadable, tome, Capital in the 21st Century, the growth rate disproportionately benefits ordinary workers who often don't have exposure to the stock market. At 3 percent economic growth, standards of living triple over an average lifetime; at 2 percent growth they merely double.
That said, the stock market, which hit a record high this month, benefits ordinary Americans as well. Two-thirds of Americans aged 30 to 64 own stocks. They see the value of their pension, retirement, and college savings accounts rise with equity prices. Record stock prices also help those exposed feel richer, meaning they spend more, invest more, and tip more -- actions that directly stimulate the economy and benefit workers who don't own stocks.
Food stamp usage continues to decline. Disability claims are near a historic low. Initial jobless claims are at their lowest level since 1969.
This week, the Labor Department announced that there are a record 7.5 million unfilled jobs, millions of which pay good middle-class salaries. Forget a $15 minimum wage; President Trump's economy has created countless $50,000 jobs.
Survey data also demonstrates the broadness of this economic boom. According to Gallup, Americans' optimism about their personal finances is at a level not seen in more than 16 years. Consumer confidence continues to hover near a 21st century high.
Can you imagine the self-congratulatory speeches by Democrats if these numbers were coming out during the Obama administration?
No matter how strong the economy, there will always be some people who are left behind. It's just that right now that number is vanishingly small. In a desperate attempt to avoid giving Trump credit, Democrats will continue to pretend this number is bigger than it is. But Americans should take their claim for what it really is: a partisan talking point that has no basis in reality.
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“Then look at wages. While average wages have been growing at about 3.2 percent for several months now, they've been increasing even faster for middle-class production and nonsupervisory workers. Last year, wage growth was 6.5 percent for the 10th percentile of workers with the lowest incomes -- about double the overall average. Contrast this wage growth to the paltry 2 percent averageunder President Obama.
Over the last five quarters, economic growth has exceeded 3 percent -- more than 50 percent higher than the average under the Obama administration. As socialist economist Thomas Piketty pointed out in his celebrated, if unreadable, tome, Capital in the 21st Century, the growth rate disproportionately benefits ordinary workers who often don't have exposure to the stock market. At 3 percent economic growth, standards of living triple over an average lifetime; at 2 percent growth they merely double.
That said, the stock market, which hit a record highthis month, benefits ordinary Americans as well. Two-thirds of Americans aged 30 to 64 own stocks. They see the value of their pension, retirement, and college savings accounts rise with equity prices. Record stock prices also help those exposed feel richer, meaning they spend more, invest more, and tip more -- actions that directly stimulate the economy and benefit workers who don't own stocks.
Food stamp usage continues to decline. Disability claims are near a historic low. Initial jobless claims are at their lowest level since 1969.
This week, the Labor Department announced that there are a record 7.5 million unfilled jobs, millions of which pay good middle-class salaries. Forget a $15 minimum wage; President Trump's economy has created countless $50,000 jobs.
Survey data also demonstrates the broadness of this economic boom. According to Gallup, Americans' optimism about their personal finances is at a level not seen in more than 16 years. Consumer confidencecontinues to hover near a 21st century high.
Can you imagine the self-congratulatory speeches by Democrats if these numbers were coming out during the Obama administration?
No matter how strong the economy, there will always be some people who are left behind. It's just that right now that number is vanishingly small. In a desperate attempt to avoid giving Trump credit, Democrats will continue to pretend this number is bigger than it is. But Americans should take their claim for what it really is: a partisan talking point”
Come November the democrats will be faced with the prospect of a strong economy and no legislative achievements
Tarrifs are taxes meaning Trump just raised yours by two hundred fifty billion $s...
Only if I buy Chinese goods. I think there are other options.
Chinese goods are in all kinds of American products. And there aren't always other options, especially in the short term. Prices will go up. There is no way around this, and some sectors will take big hits from Chinese tariffs, farmers being one of them with the lost Chinese market that is replacing American with other countries goods. Everything is interconnected today and there is no way this isn't costing all Americans in the end, because prices will rise and if tariffs are removed they won't go back down to pre-tariff levels. This will end up impacting you even if you think your aren't buying Chinese goods. Trump doesn't even understand how they work and as usual lies about it.
Whatever lib, In the end this hurts China. I only hope we hit again in another month for another 25%. It's about time we had a President who ended this unsustatainable one-sided arrangement.
China thinks they can wait to 2020 and perhaps try and help the radical democrats win. No chance....Trump rocks em again in 2020!
Have you always been pro-tariff? Most conservatives used to be against them. Trump brought a flip flop. I don't have a problem with tariffis per se, but they are complicated and need finesse. Which Trump can't do. He knows absolutely nothing about how tariffs work and who they impact. Don't trust him to do the right thing for us at all. Its hard to figure out who republicans are these days, so much of what they used to stand for has become the opposite.
Vic, this hurts us too. Especially us everyday Americans trying to make life work. Its sad because I think most of us agree our trade agreements need improved and China especially needs reined in. But that isn't what is happening here.
To tell you the truth I never thought the US would ever use tariffs. So I never gave it much thought as being a part of foreign policy.
Most conservatives used to be against them.
Absolutely correct - the vast majority
Trump brought a flip flop.
Not for Trump. He's been talking about it since he was a democrat. Dems tend to be in favor of tariffs, except when Trump wants it.
I don't have a problem with tariffis per se, but they are complicated and need finesse.
You can't finesse China. They only understand strength.
Don't trust him to do the right thing for us at all.
I do!
Its hard to figure out who republicans are these days, so much of what they used to stand for has become the opposite.
Not really most still remain Conservatives like Romney & McCain. It's the Populist/Nationalists that are moving the ball these days...Thank God for it!
Vic, this hurts us too.
Lib, I believe that your'e a good woman, did you believe in the Civil Rights movement or US involvement in WWII? They were unpleasant actions, weren't they? Did the rewards justify all the pain?
I have no problem with unpleasant actions when they are warranted, and both of your examples were warranted.
I guess we just don't see Trump through the same lens. I see an ignorant blustering boob who doesn't have the slightest idea what tariffs do and how they work. He proves it with his stupid tweets. It isn't strength he is showing, its empty bombast proving he doesn't know what he's talking about. I just hope the damage isn't deep and longlasting. And you are right about Trump not flipflopping, but the gop sure has.
So what? This has to do with a ridiculous trade imbalance. You mean because Trump is for it, your'e against it?
No. I mean Trump doesn't know wtf he is doing and is not even using tariffs in the most effective ways. Sometimes it really simple. He does NOT know what he is doing and all of his actions, including the socialism to (corporate) farmers and tariffs, come right from American wallets. And American businesses. Trade imbalance is complicated and far over Trump's head. He's screwed it up so far, farmers haven't even recovered from last years trade war.
Well, Bill Clinton and W and Obama did nothing. You say Trump took the wrong approach, so what is the right way?
House Speaker Nancy Pelosi"
With Democrats …… NOTHING …….. is ever enough. When things are bad..... $40 bucks is great. When things are good $1,000 bucks is "Crumbs" !
Except the 'economy' is not working for everyone. The wealth continues to concentrate and the power continues to consolidate.