Economist Paul Krugman is right. The U.S. economy is doing very well -- better than any other countries economy. And the laws passed and signed by President Biden helped. Jobs are being created and the unemployment rate is low. The growth of GDP is strong, and the stock market is at a record level. All the normally used indicators say the economy is healthy and growing.
But most Americans are still saying the economy is bad. Although the numbers have improved somewhat, it seems many still think the economy is not good. They are both wrong and right. While the economy is booming, it is still unfair. The rich are doing better than ever, while the middle class struggles to keep up and low-wage workers fall further behind each week. Why?
Prior to 1980, the rising productivity in this country was shared across all economic groups. The rich still got richer, but the middle class and working class also benefitted. But about 1980, the Republicans gained enough power to alter our economic system.
They instituted a "trickle-down" theory of economics - a system that gave more to the rich instead of sharing rising productivity among all groups. They said the once the rich had more it would trickle down and benefit everyone. It sounded good, but didn't work. Instead of letting the extra money trickle down, the rich just kept most of it and laughed all the way to the banks.
Donald Trump made it even worse by imposing tariffs on imported goods and giving the rich huge tax cuts. The effect of Trump actions and Republican policies have created the most unfair economy since before the Great Depression. And sadly, the right-wing is only offering more of the same old failed policies. They want to give more massive tax breaks to the rich, impose even more tariffs (which would raise prices on consumers), make it harder to create or join a union, keep the minimum wage at a poverty level, and take health insurance away from many Americans.
It doesn't have to be this way. We can return to a fair economy that would benefit all Americans. But it won't happen as long as Republicans have enough power to block it.
Remember this on Election Day!
