Trump’s 'blue-collar boom' is a myth via rickjnewman
President Trump thinks so. In a speech at the annual gathering of the ultra-rich in Davos, Switzerland on Jan. 21, Trump declared that his presidency has generated a “blue-collar boom” and a “roaring geyser of opportunity.” “The American Dream is back,” Trump said. “No one is benefitting more than America’s middle class.”
Trump has presided over an economy that has generally improved at about the same pace since 2013 or so. The pace of job growth and stock-market gains—frequent Trump bragging points—are about the same as they were during President Obama’s second term. And Trump’s focus on short-term comparisons obscures pernicious problems that no president has figured out how to solve, such as exorbitant health care costs and worsening wealth and income inequality.
“Since my election, the net worth of the bottom half of wage earners has increased three times faster than the increase for the top 1%.” This is true, according to Federal Reserve data. Lower-income Americans have mostly benefited from the rebound in home values that began in 2012. Yet the bottom 50% controls just 1.5% of the wealth in the United States, while the top 1% controls nearly one-third.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European markets signal lower open on coronavirus fears and Trump's trade threatEuropean markets are expected to open lower Thursday amid increasing concerns over the spread of the coronavirus and worries over President Donald Trump's trade dispute with the EU.
Read more »
Higher minimum wages are linked to lower suicide ratesA $2 increase in America's minimum wage would have prevented 57,000 suicides in the 25 years examined by a new study
Read more »
WSJ News Exclusive | FICO Changes Could Lower Your Credit ScoreChanges in how the most widely used credit score in the U.S. is tallied will likely make it harder for many Americans to get loans.
Read more »
I’m 38 with $315,000 saved for retirement, but have $30,000 in debt. Should I lower my 401(k) contributions to get rid of that debt?Added wrinkle: He has two kids, which makes it hard to pay down the debt
Read more »
Kendall Jenner sparks fury with 'cruel' collar wrapped around pet dog's neckKendall Jenner split opinion over use of a 'cruel' collar that the RSPCA says should be banned
Read more »