Jobs

Trump’s State of the Union? Way Too Good to Be True

President Trump’s State of the Union told the story of an America where tax cuts for big businesses and billionaires are creating jobs and raising wages for the rest of us.

But working Americans are experiencing something very different.

While claiming credit for a recovery that has been underway for years (but still hasn’t generated enough jobs and raises), Trump failed to explain why he can build a better economy for working Americans through:

  • $ 3.2 trillion in tax cuts, with 83 percent going to the wealthiest one percent;
  • Eliminating rules protecting workers, consumers and the environment.

What about some of the other items he boasted about?

New Jobs? Since the 2016 election, the economy added about 169,000 jobs a month. But that’s less than the 185,000 jobs generated per month over the previous seven years.

Bonuses Because of the Tax Cuts? Trump took credit for companies awarding bonuses or raises, though many were accompanied by mass layoffs. But only seven percent of 333 large and midsize U.S. companies plan across-the-board pay increases this year.

Boosting the Auto Industry? Auto sector jobs (manufacturing and suppliers) totaled 783,200 at the end of November 2017, down from 788,900 at the end of 2016, according to the Bureau of Labor Statistics. And, in spite of Trump’s claims, auto companies were building and expanding US plants before he took office.

 

Categories: Jobs, Taxes, Trump, Wages