Despite The Booming Stock Market, 80% of U.S. Workers Live Paycheck To Paycheck

PxHere / Public Domain

Despite a booming U.S. economy, the vast majority of workers do not see even a fraction of these gains.

Stellar economic numbers may not be enough to save Trump’s reelection campaign, as household debt soars, and the trade war hammers some of his most committed supporters in the Midwest, according to the Guardian.

Trump may be the most unpopular president to run for reelection, but members of the administration, including White House acting chief of staff Mick Mulvaney, said Trump will retake the presidency 2020 because “people will vote for somebody they don’t like if they think it’s good for them.”

Mulvaney is relying on the well-established dictum that a winning economy makes for a winning reelection. According to a recent CNN poll, while Trump’s approval rating may be low, close to 56 percent of Americans approve of his handling of the economy.

Unemployment is at a 50-year-low, and the GDP is growing above 3 percent.

Economic indicators, however, do not translate neatly into people’s subjective experiences of financial wellbeing, which may be a more important component of their voting decision. Close to 80 percent of Americans still live paycheck to paycheck in spite of the soaring market.

Health care and student loan debt have also increased during Trump’s term. Farm incomes, on the other hand, dropped $12 billion in the first quarter of this year, driving farm bankruptcies to near-record levels.

According to a May survey conducted by the Washington Post, close to 80% of Democrats and 30% of Republicans say “the economic system in this country mainly works to benefit those in power.”

Read the rest of the story here.

Comments