Mini-thread from WWR's Radio/TV shows this week: Beyond good economic headlines, there are underlying concerns
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1) Wages are not keeping up. Data released Friday by the Labor Dept. says the cost of living is rising faster than wages — meaning a dollar doesn’t go as far as it used to. Health care costs are surging, gasolines up — and the tariff war is also beginning to hurt
2)
the Trump administration also acknowledges that the deficit is soaring — it was up 79% in July from July of last year. It adds that the deficit will top $1 trillion next year, and this red ink gets tacked onto the national debt — on track to hit $33 trillion in nine years
the Trump administration also acknowledges that the deficit is soaring — it was up 79% in July from July of last year. It adds that the deficit will top $1 trillion next year, and this red ink gets tacked onto the national debt — on track to hit $33 trillion in nine years
3)
The jobs market is strong. But the administration’s own data says that more people are working part-time now than even during the economic collapse of a decade ago. Millions of Americans must work two, sometimes three part time jobs — which come with limited (or no) benefits
The jobs market is strong. But the administration’s own data says that more people are working part-time now than even during the economic collapse of a decade ago. Millions of Americans must work two, sometimes three part time jobs — which come with limited (or no) benefits
4)
As predicted last year, the bulk of the tax cuts has gone to the wealthy and to corporations. Profits have soared, and the idea that they would be plowed into things like raises or new factories has not panned out. Companies have generally bought back stock & raised dividends
As predicted last year, the bulk of the tax cuts has gone to the wealthy and to corporations. Profits have soared, and the idea that they would be plowed into things like raises or new factories has not panned out. Companies have generally bought back stock & raised dividends
5)
Speaking of stocks, the market has soared since March 2009 (when the S&P 500 hit the devilishly low 666). But since only 10% of Americans own about 85% of all stocks, it's fair to say that most Americans have not participated in this vast wealth creation
Speaking of stocks, the market has soared since March 2009 (when the S&P 500 hit the devilishly low 666). But since only 10% of Americans own about 85% of all stocks, it's fair to say that most Americans have not participated in this vast wealth creation
6)
40% of Americans don't have even $400 to cover an unexpected expense, like a car repair or trip to the doctor (Federal Reserve data) cnbc.com/2018/05/22/fed…
40% of Americans don't have even $400 to cover an unexpected expense, like a car repair or trip to the doctor (Federal Reserve data) cnbc.com/2018/05/22/fed…
7) Among those with retirement savings:
-more than 60% of Americans think they are NOT on track
-25% have NOTHING saved at all (Federal Reserve data).
It's important to look beyond the headlines at the deeper, underlying data - which shows protracted, long-term troubles
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-more than 60% of Americans think they are NOT on track
-25% have NOTHING saved at all (Federal Reserve data).
It's important to look beyond the headlines at the deeper, underlying data - which shows protracted, long-term troubles
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