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Despite Trump's Boasting of Strong Economy, 62% of Americans Report No Financial Improvement Since 2016

Despite Trump's Boasting of Strong Economy, 62% of Americans Report No Financial Improvement Since 2016

Julia Conley, staff writer

Despite President Donald Trump's frequent boasting regarding the low unemployment rate, high GDP, and relatively strong stock market since he took office nearly two years ago, a new survey finds that in communities across the country, most Americans have not noticed any positive effects of such economic markers.

AND, while the top 1% might be partying, the top 5% aren’t even doing fabulously. CNBC reports today:

“The Dow Jones Industrial Average dropped 608.01 points at 24,583.42 and erased all of its gains for 2018. The S&P 500 dropped 3.1 percent to 2,656.10 and also turned negative for the year. The Nasdaq Composite fell 4.4 percent to 7,108.40— entering correction territory…”

Trump’s economic success, like most everything about him, is a mirage.

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Sorry, I didn’t mean for that whole graphic to appear above, just the link.

Something tells me he is heavily in debt and that is why he won’t show his tax returns.

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Trump lives in a bubble where all of the elites he knows own stocks. They all have realized gains since the stock market has risen.

However, the majority of Americans own no stocks, and have watched their wages remain stagnant.

Will somebody please shoot a hole in Trump’s bubble, while he’s in it.

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Like Mongo said, “I am just a pawn in the game of life”. And so we are as we balance our meager monthly checkbook or credit accounts. Trump writes checks of 1.5 billion here, 2 billion there, and he will lie about anything that suits his fancy of the moment, whether he be caught in that lie or not.
I still think 9-11 was a financial hit job and you can blame who you want. There are half a dozen players that would have benefited. And benefit today. What bullshit us peons have to live with.

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Statistics are so misleading. Hers a little known fact: the period directly following the 2008 collapse was in fact an economic boom in American history … for big business. That’s true - most of the largest corporations saw massive gains after the collapse, but none of those gains were passed on to the American people. Many large corporations were experiencing massive growth, and record profits, but froze wage increases and hiring during that infamous period of their history. Banks were almost completely recovered within a year or less - their bailout money repaid, and showing massive profits and stock price gains, but were refusing credit to small businesses and consumers, even while they themselves could borrow money interest free. Homeowners who were getting repossessed by bailed out banks lost everything, while the banks, fat on homeowners’ tax money and principal and interest already paid were positioning themselves to sell the properties all over again. The fact is that all was going as planned - exactly! The decline was meant to be for us, just as it is now.

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Next to the BLS “unemployment” stats, the GDP is one of the most manipulated and politically exploited “measures” of the economy.

Only fools believe in, and rely on either.

Simon Kuznets, the economist who developed the first comprehensive set of measures of national income, stated in his first report to the US Congress in 1934:

“The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria. With quantitative measurements especially, the definiteness of the result suggests, often misleadingly, a precision and simplicity in the outlines of the object measured. Measurements of national income are subject to this type of illusion and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification.”

Further, as per the BLS itself, there are still over 102 MILLION Americans that remain unemployed, yet 96 million systematically removed from the official stats.

This started with Obama. And while in no defense of Trump, anyone following Obama in the presidency had no choice but to continue the massive lies.

Again, per the BLS, over 3 million Americans lost their jobs in the past three years.
Only 2 million of those people found new jobs.
Of those two million, 49 percent had to take new jobs that paid less than their previous.

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A few more facts…
The largest money-management firms, like Vanguard, BlackRock, State Street, Fidelity, JP Morgan, Invesco, Morgan Stanley, etc., are the largest institutional shareholders in the largest “competing” corporations, in most every single industry.
The “Big Three” alone (Vanguard, BlackRock and State Street) hold over 17 percent of the entire U.S. markets capitalization.
Combined, a couple handfulls of these firms own over 40 percent of the entire markets.

These firms own the six largest “competing” U.S. banks, the six largest “competing” U.S. airlines, the largest “competing” tech firms (incl. Apple, Alphabet, Microsoft, IBM, Twitter, Facebook, Netflix, and others), the largest “competing” telecoms (incl. AT&T and Verizon), the largest “competing” defense contractors, the largest retailers (incl. Walmart, Amazon, CostCo, Kroger, Paypal, etc), and etc., etc., etc…

They initiated the mass corporate stock buybacks, leading to fewer outstanding shares, leading to higher EPS (earnings per share).
That, plus their acquisition of more shares led to the stock market “boom” (via reducing the availability of shares, thus artificially increasing stock pricing). Supply/demand.

They initiated mass layoffs, significantly reducing corporate expenses, raising profits.

Plus, by owning the largest “competitors” in most every single industry, they have been able to virtually eliminate real competition, thereby raising prices on most everything, while keeping wages low.

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Take a look at the WTID wealth inequality index…
It is at an all time high (even higher than 1927-1928, just prior to the first Great Depression).

This is the construct of the new American Planned Market Economy (that is, “capitalism” for only the wealthiest elite).

This is the neo-feudal American Economy.

There are the corporate Lords, with everyone else relegated as their mere serfs.

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We’re moving from an earlier small dead cat bounce ( April/May ), slowed only by Trump’s massively front-loaded tax cuts, to a bear market and a new hiring stall in January/February. After the elections of 2018, of course. A lousy tie goes to McConnell, unfortunately, and a stalemate.
Remember the huge Corporate stock buy-backs, and in lieu of wage increases, some employees got one time bonuses? Most got nothing except a smalll 3 year tax reduction. There are some Big Butcher Boys; and already, they are trimming the fat. First austerity overseas ( China ) then it hits home. Remember " to buy low and sell high ".
Well, they bought really low along while ago, now.
Fracking continues to hemorrhage money simply because you can’t make it pay when oil is less than $78 a bbl. And, there’s plenty of it.
Coal? R U nucking futs!
Trump’s next great economic scheme, " Invade somewhere! Anywhere! " Followed by, " The most patriotic thing you can do is: Go Golfing! Then grill some steaks. "
Please remove this dangerous creep, he’s looney.

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When Americans get truly desperate enough they’ll realize that the “booming” elite economy always automatically depends on the suffering, deprivation and exploitation of the vast majority.

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Dr. Reich is correct of course. Trump is an economic charlatan, a circus barker, a clown “come see the fat lady with two sex organs and three breasts.” Those on fixed incomes have seen their standard of living decrease.

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Wish that was true, but if recent history is any indication they will continue to blame scapegoats while voting for the next thieving warcriminal “savior” until they loose their last possession.

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The Dow Jones average has nothing to do with the economy except that every time it goes up, it is likely that workers are getting screwed. Some CEO’s are laying off full time employees and hiring them back as part time so they won’t have to provide benefits. This improves the company’s bottom line, makes it look successful and the stock price goes up. Then there is the buying and selling of stocks which enriches the stock brokers who gain a fee from moving them around.
I have very little left in this game and I’m getting out now, today, on moral grounds. And I don’t like feeling like a sucker.

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GDP is a number that is the sum of all fiscal transactions, whenever money changes hands the number goes up. This is true whether one is making money or losing it. An example would be a natural disaster where billions are lost, - this would raise GDP by billions of dollars and would appear to be an economic positive - but in experience it would be a negative thing. Global destruction would create record high GDP. Its a general guideline economists use, but its not perfect - as you can see.

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I make 39% less than i did in 2009. That is before i adjust for the value of the dollar.

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and if there’s a Russian “connection”, that’s the one: he’s likely in hock up to his ears with Russian banks. No one in the US is stupid enough to lend him money anymore with his poor record of paying it back.

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Like all of his un-truths, Trump knows full well the employment rate is bogus. He said as much, many, many times, on the campaign trail in 2016, where he put the “real” unemployment rate at 20%+.

The worst revelation of the Trump presidency is that you can fool most of the people most of the time, even all the time.

Democracy is about to get really fun over the next 2 years.

Thanks again to all of the Hillary Clinton haters.

You were so right. It so did not matter that Trump got elected.

You do know that Rottenhams won the popular vote by about 3 million, don’t you? But a gratuitous swipe at people who have stopped buying the “two-party” long con is so much easier than dealing with that reality.

So go ahead and nominate Biden in 2020 and see where it gets you.

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