Tag: economy

This includes persons who are involuntarily working part time and those who earn poverty level wages.

But economists and policy analysts say Republican policy decisions—from massive tax cuts for the rich to disastrous wars of choice in the Middle East—are primarily responsible for the explosion of the national debt over the past quarter-century. President Donald Trump, who has repeatedly promised to eliminate the national debt, has so far overseen an $11.6 trillion debt surge across his two White House terms.

More here: https://www.commondreams.org/news/economists-trump-40-trillion-debt

all the way back to Franklin D. Roosevelt, monthly job growth has averaged 176,000 under Democratic presidents, and 59,000 under Republican ones. Trump’s average over both terms, because of the job loss during the pandemic, is actually in the red, minus 7,000. In his current term, Trump averages 44,000 a month. Joe Biden, you wonder? He averaged 336,000.

But will Americans see the truth about the GOP?

The job market is wearing us out.

June saw the biggest one-month drop in prime age labor force participation of workers ages 25 to 54, excluding the Covid-19 pandemic, since June 1976. Roughly 720,000 people stopped working or looking for work between May and June…

Meanwhile, elevated levels of long-term unemployment persist. In June, more than 1.9 million Americans, or roughly 1 in 4 unemployed people, were jobless but still looking for work for longer than six months, according to U.S. Bureau of Labor Statistics data. A continuous low-hire, low-fire job market could make it more challenging to find work and push more people out of the workforce altogether.

The U.S. job market unexpectedly stalled in July.

A report Friday from the Labor Department shows that employers cut 23,000 jobs last month, and job gains for May and June were revised sharply lower.

The unemployment rate dipped to 4.1%, but only because more than 260,000 people dropped out of the workforce.

It was the second month in a row that the monthly jobs tally came in weaker than forecasters had expected.

Tax cuts for the rich only benefit the rich.

History suggests that policies relying on “trickle-down economics” are destined to fail, and yet the idea, for some, still persists. David Hope explains why tax cuts for top earners only benefit the rich…

50 years of tax cuts for the rich failed to “trickle down.”

The study compared countries that passed tax cuts in a specific year, such as the U.S. in 1982 when President Ronald Reagan slashed taxes on the wealthy, with those that didn’t, and then examined their economic outcomes. 

Per capita gross domestic product and unemployment rates were nearly identical after five years in countries that slashed taxes on the rich and in those that didn’t, the study found. 

But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.

Psst… it’s because of the millionaires.

Corporate tax cuts in last year’s big tax and spending bill are partly to blame. But an administration that favors the wealthy and has no sense of fiscal conservatism will never make good decisions for everyone else.

U.S. inflation declined slightly last month as the cost of gas and groceries slipped, though prices are still rising more quickly than before the Iran war…

According to the Treasury’s latest monthly statement, the government brought in $334 billion while spending $766 billion in July. This resulted in a deficit of $432 billion for the month—equivalent to $14 billion per day—the highest month total since March 2021 and the highest July total ever recorded.

The economy only gets worse with billionaires in charge.

It’s anecdotal that in my lifetime, Bush 1 crashed us into a recession that Clinton reversed. Bush 2 oversaw the 2008 housing crisis that Obama had to fix. Trump tanked it all during 2020, watching the GDP drop below even depression statistics. Biden had to fix that. In fact, the economy under Biden grew by a greater percentage than it had under Trump 1.

There’s tons of actual data that backs up the idea that the economy performs better under Democrats.

For example, 93% of stocks are owned by the wealthiest 10% of Americans, even with market participation at a record high.

Stock ownership is skewed toward the top: by comparison, the bottom 50% of Americans owned just 1% of all stocks and mutual fund shares in the third quarter, central bank data shows.

There it is from the Wall Street Journal: Weak Retail-Sales Number Adds to Softening Economic Data.

Retail sales dropped by 0.6% last month, the Commerce Department reported Friday, falling short of the 0.1% increase that economists had expected. The numbers landed a week after the monthly jobs report showed the economy lost 23,000 jobs in July.

Dad: what are you talking about? The economy is going great!

It’s like the billionaires don’t know how to run a country.