Politics Magazine

The U.S. Economy Is Actually Doing Well (For The Rich)

Posted on the 08 December 2023 by Jobsanger
The U.S. Economy Is Actually Doing Well (For The Rich)
The chart above ireflects the results of the newest Economist / YouGov Poll -- done between December 2nd and 5th of a nationwide sample of 1,500 adults, with a 3.1 point margin of error. 

It shows the same thing that almost all other polls show -- that most Americans think the U.S. economy is bad and getting worse. It seems strange considering that unemployment is low, GDP is above 5%, inflation is down significantly, the stock market is up, and sales are up for most businesses. In other words, all the indicators economists use to determine a healthy economy are good.

Is the public wrong? Well, Yes and No. The economy is booming, and rich people are doing better than ever before. But too many people are not sharing in the economy's increasing productivity (wealth). That's because while the economy is good, it is not fair.

In the three decades after World War II, the economy was also doing well -- and so were most Americans. The rising productivity was shred among the working class, the middle class, and the wealthy. 

That could have continued, but when the Republicans came to power about 1980, they changed the economic rules of the country -- tilting the economic playing field to benefit the rich. They claimed that their economic policies that favored the rich would benefit everyone, because the money given to the rich would trickle down to everyone else in the society.

That did not happen. Instead of sharing the increase in productivity, the rich just hoarded it. They fattened their own bank accounts to the detriment of 90% of Americans. Profits for corporations and incomes for the rich have skyrocketed up, while wages for workers have barely risen (and in too many cases have been eaten up by the rising inflation).

This leaves many people feeling the economy is not working for them, and they are right. They feel the economy is doing poorly -- not understanding that the GOP policies are just allowing the rich to hog most of the country's increasing wealth.

What do voters do when they feel the economy is bad? They vote out the party in the White House. Sadly, that would only make things worse for those feeling left out. Putting A Republican (especially Trump) back in the White House would not help the poor, the working class, or the middle class. It would only benefit the rich as the GOP would continue to pursue their "trickle-down" policy.

The economic unfairness is now greater than in the Gilded Age, and is growing more unfair each year. We don't need a new party in the White House. We need fairer economic policies -- policies supported by Democrats (but currently blocked by Republicans).

If Republicans are voted out of power, the economic policy can be changed -- to once again benefit everyone. Economic fairness worked in the post-war period, and if would work again. A truly healthy economy puts money in everyone's pocket -- not just the pockets of a few billionaires!

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