Trump may try to tout his economic policies, but the reality is that they have only benefited those at the top. Trump’s tax law led to the national debt surpassing $22 trillion for the first time in history, and did nothing to benefit workers.
The national debt surpassed $22 trillion for the first time in history, in part because of Trump’s tax law, and could jeopardize our economic security.
USA Today: “The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.”
Axios: “That figure has climbed at a faster pace following the enactment of President Trump’s tax cut bill in December 2017.”
Trump promised that his tax law would raise wages. Instead, after touting one-time bonuses, corporations continue to buy back billions in stock.
NBC News: “Corporations are using savings from the 2017 tax law to continue to buy back billions in stock after trumpeting employee bonuses and benefits.”
NBC News: “For many of those same companies, a tiny fraction of the total number of U.S. businesses, executives haven’t yet announced another round of bonuses or wage increases with the same fanfare — even though the tax law continues to mean billions for their bottom lines. … Most American businesses that announced bonuses and wage increases seem to be more like Emerson, which has ‘no plans to make an additional 401(k) contribution this year,’ a company spokeswoman said. That’s what has made the promise of higher compensation so far elusive.”
A record 7 million Americans are 90 days or more behind on their auto loan payments, which economists warn is a red flag.
Washington Post: “A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis. Economists warn that this is a red flag.”
The Federal Reserve chair warned that income inequality was the biggest challenge in the next 10 years as income growth for working-class Americans “has really decreased.”
Washington Post: “Powell, who was appointed by President Trump but has been a frequent target of Trump’s ire, said he was concerned that income growth for middle- and working-class Americans ‘has really decreased,’ while ‘growth at the top has been very strong.’ Powell pointed out that the United States used to be a global leader in mobility — the ability of people born into poverty to move up to the middle class or even the wealthiest echelons of society. But that is no longer true.”
President Trump’s tax and tariff policies form the heart of an economic program that he’s promised will help average Americans. The hard data, however, show that he’s actually imposed substantial costs on about 70 percent of Americans.