Trump and the GOP chose stock buybacks to benefit the wealthy instead of investing in ordinary Americans: op-ed

Trump and the GOP chose stock buybacks to benefit the wealthy instead of investing in ordinary Americans: op-ed
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In an op-ed for Washington Monthly this Wednesday, Chris Lu and Harin Contractor took a look at President Trump’s touting of his economic record in the run up to his impeachment finale, and according to them, the facts don’t match up to his rhetoric. “In 2019, for instance, the gap between the richest and poorest households in the United States reached its highest point in more than 50 years,” they write. “The number of Americans without health insurance continues to climb following years of declines since the passage and implementation of Obamacare. And household debt is now in excess of $14 trillion, exceeding the pre-recession high.” When it comes to Trump’s 2017 tax cut, the promised benefits are nowhere to be found — except for Fortune 500 companies that paid $0 in federal taxes last year. Additionally, while the country’s six biggest banks stocked away $#2 billion, they laid off more than 1,000 employees. “Ironically, despite the President’s pledge to help the ‘forgotten men and women, blue-collar job growth—which includes construction, manufacturing, and mining—remains anemic, only growing at 0.8 percent in 2019 compared to 2 percent in Obama’s final term,” Lu and Contractor write. African American workers are feeling the economic pressure even worse with an unemployment rate almost twice as high as white workers. “Displaced African Americans earn 13 percent less in their new jobs. Those who were employed for three or more years earned 31 percent less in their new jobs.” “Despite the headlines, too many workers […]

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