UNITED STATES (VOP TODAY NEWS) – The deterioration in the standard of living of most Americans attests that the “economic boom” resulting from the economic policy of the Trump administration is a myth, according to Newsweek magazine.
Most Americans are facing a sharp deterioration in their standard of living despite statements about the economic success of Donald Trump’s administration , says Newsweek columnist Robert Reich.
The stock market explosion since Donald Trump became President is becoming more and more unstable because of the trade wars he has unleashed. The richest 10% of Americans still hold more than 80% of the stock market and most citizens have therefore not benefited greatly from the market explosion under Trump, writes the Newsweek journalist.
According to him, the policy of the tenant of the White House has detrimental consequences for the ordinary workers. For example, Trump’s steel tariffs cost Ford $ 1 billion, forcing the builder to plan massive social plans.
Data from the Commerce Department shows that the economy is booming with 4.2% growth in the second quarter, but very little of this growth is reflected on average Americans. Given inflation, hourly wages are not much higher than forty years ago.
The journalist reports that while unemployment is down to 2.7%, jobs are less secure than ever before. One in five Americans works under contract and is denied the right to medical leave, unemployment insurance, minimum wage and various benefits.
Meanwhile, housing costs are skyrocketing, with most Americans now paying one-third or more of their rent or mortgage pay. In this situation, the White House reacts with drastic cuts in housing for low-income people. The Secretary of Housing and Urban Development also wants to triple the rent paid by poor households living in subsidized housing.
Health care costs continue to rise faster than inflation, the journalist says, recalling that about 4 million people have lost their health coverage in the last two years.
“Too often, discussions about ” the economy ” focus on aggregate statistics for growth, the stock market and unemployment. But most Americans do not live in this economy. They live in a personal economy more related to wages, job security, commuting and the costs of housing, health care, drugs, education and home insurance,” concludes the journalist, adding that Donald Trump is not the only one responsible for this situation and that some of these tendencies were born before taking office, but that he had done nothing to reverse them.