The unemployment rate which Trump attributes to tax cuts for corporations and the wealthy. Looks like this:
Let’s just sidestep the issue of what the unemployment rate actually counts, aside from that, the chart looks pretty good, right?
Well, how about in Germany?
How about Canada?
How about the UK?
How about mother-fucking Russia?
How about Japan?
How about France?
Trump’s tax cuts for the super wealthy is truly a miracle worker!!! The same declining chart will be found in most every advanced economy. Trump is a fucking genius for having affected all the major economies of the world!!!
Seriously, it’s a global trend from 2016-2018, and has exactly jack-shit to do with Trump’s gift to the wealthy. The overall numbers are different but the trends are so similar you could practically overlay them.
It’s idiotic to say amendments to taxation have an measurable economic effect in the year which they are enacted. Ridiculous. These chickens won’t come home to roost until next year at the earliest. If all things remain as they are, we will not see the full economic effect of US tax cuts until 2020 and beyond…at which point, cult members will be free to blame it on Democrats. Like many of Trump’s other “policies,” the effects will be felt in years to come and will last a lifetime.
Really, there isn’t any coherent policy with this administration, aside from gathering as much cash as quickly as possible for certain sectors, donors, and the Trump family. This administrations “policies” more closely resemble a monkey slapping a keyboard. For the clearest analogy into what Trump means to the US economy, look into how he single-handedly destroyed the USFL, merrily abusing the cheerleaders the whole time, and walked away from the wreckage without a care in the world. That will give you particular insight into the nonsensical things he is doing with international trade and diplomacy.
Stock buy-backs (what we all knew was going to happen with all that fabulous cash).
A record setting $178 Billion in the first quarter of this alone.
Michael Patcher, an analyst at Wedbush Securities: “The tax law didn’t do anything to provide an incentive to employers to create jobs. There’s nothing in there that would suggest that employers have a particular incentive to hire more people or pay the ones that they have more money.”
Total S&P 500 shareholder payouts — buybacks plus dividends — for the past 12 months could top $1 trillion for the first time ever, Silverblatt said.
US companies currently using their tax break for stock buybacks, and enjoying the benefits of inflated stock valuations, will move on to mergers, acquisitions, and “efficiencies” to further boost their paper worth. None of which has to do with improved wages and to the contrary, may lead to the shedding of jobs in certain sectors. Look to the oil, gas, and coal companies, which this administration has shifted the table to at every fucking turn they can, to begin finding some value from their increased stock prices. Also banking, which gets a special nod with relaxed regulation, and which was already sitting on record piles of cash before this administration threw them gorgeous piles of more cash. Entertainment, multimedia, internet companies already sitting pretty have their slice of the pie too to play with if net neutrality remains in place. These are the winners in the Trump Economy.
Wages. There has been some slight improvement in average wages lately, but the reason being is because people are working more hours, not because their pay increased. You’ll notice none of those nifty, tax-cut, cash handouts to employees had anything to do with increased wages. They were nice for the very small percentage of employees that received them, sure, but no ones standard of living improved and won’t until their wages rise. If we take a look at non-managerial pay rates per hour, it’s been stagnant since Trump got in office.
The labor market is tight, and menial jobs that could be filled via relaxed immigration are being attacked through exactly the opposite approach. For the rest of us, it is possible that we may find a new job easier, but finding a job from which we can effectively survive, has not become any easier. It’s not likely that is going to change in the Trump economy.
The squeeze on the working poor. According to the annual report issued this week by the National Low Income Housing Coalition, anyone working full-time at minimum wage cannot afford any housing anywhere in the US. As it is, Someone working for minimum wage would have to work 122 hours a week in order to afford housing and basic necessities..like food. Another study found that number too high and pegged it at 99 hours a week, or- two and a half full time jobs.
Add to this, the administrations efforts to undermine the availability and affordability of healthcare, the tightening of availability of nutritional assistance for the poor, and reduction in HUD effort to make housing affordable- and we are looking at a societal catastrophe in the making.
“Rather than address the affordable housing crisis, the administration’s proposed spending cuts for FY19 would, if enacted, lead to the largest reduction in affordable housing and community development investments in decades. The proposed budget could lead to more than 200,000 families losing vital federal rental assistance and to the elimination of programs that support state and local efforts to address their housing needs (NLIHC, 2018a). For the limited number of families that receive federal housing assistance, recent proposals by the administration threaten to undermine their housing stability.
The administration seeks to cut housing benefits by imposing rent increases and arbitrary work requirements. The administration proposes increasing tenants’ contributions toward rent from 30% of adjusted household income to 35% of gross household income, eliminating deductions for medical and childcare expenses, and tripling minimum rents on non-disabled households from $50 per month to $150. These reforms would result in an average rent increase of 44% on households with housing assistance (Fischer, 2018).”
Guess Which states are being hit the worst between average wages and average
housing costs are?
Sucks to live in a blue state, huh? This disparity does partially explain why some higher paying jobs in economically advanced blue states can’t seem to get filled- because people can’t afford to live there in this economy.
Good luck finding anyone to work in entry level jobs, the service sector, and general labor sectors in all of the major cities because you’re fucking screwed.