Robert Reich is one of the best go to economists to find out what is truly happening in this country and the world in economics. Reich has a real handle on how the economic maneuverings of those who control the economy really affect Joe and Jane Citizen.
But first this little word from Joe Kennedy III:
Now for the sage wisdom of Robert Reich:
“I keep hearing that although Donald Trump is a scoundrel or worse, at least he’s presiding over a great economy.
As White House economic adviser Larry Kudlow recently put it, “The single biggest story this year is an economic boom that is durable and lasting.”
Really? Look closely at the living standards of most Americans, and you get a very different picture.
Yes, the stock market has boomed since Trump became president. But it’s looking increasingly wobbly as Trump’s trade wars take a toll.”
Reich then explains how workers paychecks have advanced little in over 3 decades while costs of nearly everything from housing to healthcare. He concludes with this summary:
“Too often, discussions about “the economy” focus on overall statistics about growth, the stock market, and unemployment.
But most Americans don’t live in that economy. They live in a personal economy that has more to do with wages, job security, commutes to and from work, and the costs of housing, healthcare, drugs, education, and home insurance.
These are the things that hit closest home. They comprise the typical American’s standard of living.
Instead of an “economic boom,” most Americans are experiencing declines in all these dimensions of their lives.”
Reich hits it on the head. The economy is only working for a few. For the rest of us this economy does not work as we slowly slide backwards. Even worse, we are the first generation of Americans whose children will not have a better life than we did.