The real Trump economy: Help the rich

 
Updated 2/21/2019 1:50 PM
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The article discussing how there are now more people behind on car loans than there were during the financial crisis helps highlight some of the significant failings of the Trump economy.

Fifty-seven percent of Americans have less than $1,000 in savings; 39 percent have no savings.

28 million people have no health insurance, and another 44 million are underinsured, meaning they can't afford the out-of-pocket costs of their insurance plans. Additionally, 2017 was the first time in eight years that the number of children without health insurance increased.

All of this when GDP growth is brisk, and unemployment low.

The Trump tax cut was lauded by the GOP for its benefits to middle America. However, there was 37 times more spent on stock buybacks than on worker bonuses or wages. A buyback, by reducing the number of outstanding shares, increases earning per share, which will typically lead to increases in the price of a stock. Many CEOs are compensated with stock options, so they are incentivized to buy back stock more than increase worker's pay.

This is the real Trump economy: Most Americans living paycheck to paycheck, while those at the top benefit.

John Perryman

St. Charles

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