Friday June 29, 2018
Gauge success based on your own wallet, not what pundits say.
We're told the American economy is doing great, and Republicans are expecting to ride their tax cuts to victory in the November midterm elections. But that depends on whom you ask. Inequality is at record levels now, as the rich get richer and the rest work harder for less.
Stock prices have gone up, but the top 10 percent owns the vast majority of stocks. Tax cuts did increase corporate profits.
The Bureau of Labor Statistics reported that for about 80 percent of private, nonsupervisory workers, wages after inflation have dropped. That mocks the Trump administration claim that the average worker will gain $4,000 this year.
The National Low Income Housing Coalition reports that there isn't a single state where a minimum-wage worker can afford an average two-bedroom apartment without working 122 hours weekly. Or 99 hours for one bedroom. The administration has called for cutting federal housing assistance.
Energy costs are rising and increasing interest rates will raise the cost of living for everyone who needs to borrow for a mortgage, for a car or for credit card use, while increasing the wealth of those who are doing the lending.
The reckless threats of tariffs on many goods would increase many prices even more, further cutting into incomes.
To learn whether our economy really is great, don't listen to politicians or pundits, just look into your own wallet.
Not everyone gaining in current economy