Robert Reich: Trump Is Living in an Alternate America

Robert Reich: Trump Is Living in an Alternate America
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I wasn’t going to comment on Trump’s lie-filled State of the Union message but the whoppers were so big – especially on the economy – that I feel compelled. Here, for the record, is the real state of the union: 1. JOBS : Average monthly job creation dropped from 223,000 in 2018 to 176,000 in 2019. The employment rate for working-age adults has increased less than during the Obama recovery, and is still significantly below that of other developed countries. The pace of job creation is also markedly slower than it was under Obama. 2. WAGES: Wage growth has slowed, except in states with minimum-wage increases. The typical American household remains poorer today than it was before the financial crisis began in 2007. The median wage of a full-time male worker (and those with full-time jobs are the lucky ones) is still more than 3% below what it was 40 years ago. 3. TAXES: The Trump-Republican tax cut has been a huge failure. We were promised an increase in business investment, but business investment has contracted for the third straight quarter—the first time this has happened since the Great Recession in 2009. Instead, the tax cut triggered an all-time record binge of share buybacks – some $800 billion in 2018. If fully implemented, the 2017 tax cut will result in tax increases for most households in the bottom 80 percent. And it has resulted in record peacetime deficits (almost $1 trillion in fiscal 2019) in a country supposedly near […]

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