Trump promised to put more money in people’s pocket. Instead, nearly two-thirds of Americans say they’re not better off financially. Meanwhile, manufacturing is in decline and the unemployment rate continues to increase in key states.
Nearly two-thirds of Americans say they’re not better off financially than they were when Trump was elected.
Financial Times: “Nearly two-thirds of Americans say they are not better off financially than they were when Donald Trump was elected, casting doubt on whether economic expansion and a record bull market will boost the president’s re-election campaign in 2020. According to a poll of likely voters conducted by the Financial Times and the Peter G Peterson Foundation, 31 percent of Americans say they are now worse off financially than they were at the start of Mr Trump’s presidency. Another 33 per cent say there has been no change in their financial position since Mr Trump’s inauguration in January 2017, while 35 per cent say they are better off.”
Manufacturers continue to struggle in the Rust Belt regions, despite Trump’s promises.
CNBC: “Ahead of 2020, manufacturers are struggling in Rust Belt regions that helped Trump win last time”
CNBC: “From January to September, the states bordering the Great Lakes have lost more than 25,000 manufacturing jobs: Pennsylvania lost 8,100; Ohio lost 6,000; Michigan lost 6,500; and Wisconsin lost 4,700.”
U.S. productivity, which Trump’s tax law was supposed to boost, fell in the third quarter for the first time in nearly four years.
Associated Press: “American workers were less efficient in the July-September quarter, pushing down productivity for the first time since late 2015. The Labor Department said Wednesday that productivity, a measure of economic output for each hour worked, fell 0.3% in the third quarter.”
Bloomberg: “While the report partly reflects a deceleration in economic growth during the quarter, it raises questions about whether the Trump administration’s tax cuts — which took effect last year — will sustain a pickup in productivity after already showing signs of failing to prop up business investment.”
The unemployment rate continues to increase in key swing states.
Washington Post: “Unemployment is climbing in key swing states, including Michigan and Wisconsin”
Washington Post: “New data released last week by the Labor Department reveals just how many places are struggling. In more than 1,000 counties, or about one in three, the unemployment rate is higher than it was a year ago. That includes all 72 counties in Wisconsin and all 10 in New Hampshire, as well as most in Michigan, Minnesota and North Carolina. The numbers can be volatile from month to month, but this trend remains even if you look at entire quarters or years.”