USA'S ECONOMY UNDER TRUMP

Alison Jackson 

Paul Craig Roberts ( a former US Assistant Secretary of the Treasury) writes:

Does America Have an Economy or Any Sense of Reality? (5/2/2019)

"The economy has been great only for large equity owners whose stock ownership benefited from the trillions of dollars the Fed poured into financial markets and from buy-backs by corporations of their own stocks.

"I have pointed out for years that the jobs reports are fabrications and that the jobs that do exist are lowly paid domestic service jobs such as waitresses and bartenders and health care and social assistance.

"What has kept the American economy going is the expansion of consumer debt, not higher pay from higher productivity.

"The reported low unemployment rate is obtained by not counting discouraged workers who have given up on finding a job."

List of 19 facts about current U.S. Economic Performance

May 2, 2019 by Michael Snyder

#1 In April, U.S. auto sales were down 6.1 percent. That was the worst decline in 8 years.

#2 The number of mortgage applications has fallen for four weeks in a row.

#3 We just witnessed the largest crash in luxury home sales in about 9 years.

#4 Existing home sales have now fallen for 13 months in a row.

#5 In March, total residential construction spending was down 8.4 percent from a year ago.



#6 U.S. manufacturing output was down 1.1 percent during the first quarter of this year.

#7 Farm incomes are falling at the fastest pace since 2016.

#8 Wisconsin dairy farmers are going bankrupt “in record numbers”.

#9 Apple iPhone sales are falling at a “record pace”.

#10 Facebook’s profits have declined for the first time since 2015.

#11 We just learned that CVS will be closing 46 stores.

#12 Office Depot has announced that they will be closing 50 locations.

#13 Overall, U.S. retailers have announced more than 6,000 store closings so far in 2019, and that means we have already surpassed the total for all of last year.

#14 A shocking new study has discovered that 137 million Americans have experienced “medical financial hardship in the past year”.



#15 Credit card charge-offs at U.S. banks have risen to the highest level in nearly 7 years.

#16 Credit card delinquencies have risen to the highest level in almost 8 years.

#17 More than half a million Americans are homeless right now.

#18 Homelessness in New York City is the worst that it has ever been.

#19 Nearly 102 million Americans do not have a job right now. That number is worse than it was at any point during the last recession.

List of 19 facts about current U.S. Economic Performance

 

According to Jackrasmus, writing about Trump's economic policies -

1. Trump has given huge tax cuts to the rich and to the big corporations.

2. Trump has produced $1.5 trillion in tax hikes for wage earners, that begin to hit this year and accelerate after 2022.



3. The $4.5 trillion cuts for business and investors have not gone into real investment.

The Trump tax cuts went into stock buybacks, dividend payouts, and mergers and acquisitions activity.

This diversion of the Trump tax cuts to financial markets is the main thing driving stock markets.



4. An independent source reports that more than half of US workers received no wage gain at all in 2018.

Average workers wages at best stagnated.

Most experienced a decline in real wages.

5. Inflation is rising for rents, medical care, education, and other major items in household budgets.

6. 7 million Americans have defaulted on their auto loans.



7. Well over 60% of Americans aged 34 and younger in the work force, have indicated in recent polls that they prefer socialism over capitalism.

 Jackrasmus, writing about Trump's economic policies

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