It’s hard to not be outraged at this effort to hide the disastrous economic conditions we are in. The world has change and is changing faster. This country is on the edge of full political collapse and will sink further into economic decline as reality is ignored.
The booming economy effects only about 20% of the population because it is limited to the capitalist stock market. That 20% are the hyper wealthy who have sucked vast wealth out of the middle class to stuff into international tax havens. These people, with a few exceptions, are parasites on the body politic. They produce little.
This is well understood and is one of the reasons that supply side nonsense is, just that, nonsense. It is an excuse for the few to grab even more wealth.
For a market driven economy to be healthy, and it must be healthy for the entire population, requires broad distribution of assets. Markets are driven by the masses. To achieve and maintain that requires protection for the mass of the people who do not have the resources to manage their assets. The market must be regulated for their benefit above all others.
That is the opposite of the wild exploitation of the Trump and criminal Republican regime.
The measurements of the economy are grossly distorted now as the market is not a part of the main economy but an exclusive enclave. That is useless now as anything but a small component of national economic condition.
More theft and more exploitation is a recipe for death. This cannot support itself as wages have not significantly risen for the 80% for forty years but unemployment is under 4% and that is full employment. Obviously something is terribly wrong with the old economic model.
The problem is not protection for the 80% from the criminal financial bosses who are protected from any losses in this grossly distorted economy. Dodd Frank limits criminal exploitation. It’s only problem is that the finance industry has been allowed to build its world on protected exploitation and not legitimate provisioning of capital to the masses. They are not, despite the squealing, prevented form loaning money. They are prevented from loaning vast sums to people with no means to ever pay them and, usually, under bogus terms designed to confiscate whatever assets those people still have.
Amazingly in this piece of propaganda no mention is made of the largest reason for the stagnation of the real economy. We are in transition to full automation and have been for over twenty years. This was exacerbated by crude implementation of neoliberalism that allowed jobs to flow to the cheapest labor markets. That was rebalancing the planetary economy and has created to the new dominant nations, i.e. China, Southeast Asia, India, and Africa but without protection for the post industrial labor forces.
The greedy took the money and did not want to think about the social implications. It was easier to foment idiocy about immigrants taking jobs and foreign countries stealing them. The jobs were allowed to go to the places that needed them for their growth. But the places that lost the jobs should have been funneling the vast profits from this back to their true owners, the workers rapidly losing the old industrial and high paying jobs. But greed was allowed to rule. We will all pay the price for this.
So, what do we have? A fully employed economy with a middle class struggling to pay outrageous housing, facing medical disasters with no insurance or resources, education that is no longer affordable even for those willing to live in poverty to educate their children, and steadily rising prices now being driven to inflation by wildly destructive giveaways to the parasite class.
But everyone is working! Bullshit. The jobs that have been and are being filled are either service level jobs at minimum or near minimum wage or gig economy that is contract work with no benefits and no security. The unemployment statistic is also grossly out of date and has steadily eliminated people from consideration to keep the precentage as low as possible for political reasons. Criminal negligence and stupidity have been layered on this thing for decades. It will crumble soon.
Roughly 20% of the work force now are in the gig economy. In many cases they make less than the completely inadequate federal minimum wage. The American population has almost no savings and no recourse but shyster loans that still get by the protections put in place by regulation. This completely ignores the well being of the people in favor of the mindless greed of the tiny parasite class.
The people have no money so the economy is flat for the vast majority. It does not matter that the tiny elite is making billions on the bogus market. Those are empty zeros in the final days of a dying age.
The last working component of the federal government, the Federal Reserve, appears to be trying to contain inflation. Inflation is the trigger for complete collapse for the majority of the population. The middle class are the ones left with a few worthless dollars in their saving accounts and whatever equity they may have in their one capital asset, mortgaged and then confiscated by the criminals who now run the finance industry.
We need an immediate return to 90% taxes rates on any income above $300k with subsidies to begin Universal Basic Income for the entire population. That will immediately produce broad economic growth but that needs to quickly be focused on elimination of fossil fuels and desperate preparation for climate disaster that we have wasted too much time to be able to avoid.