Trump’s 'blue-collar boom' is a myth via rickjnewman
President Trump thinks so. In a speech at the annual gathering of the ultra-rich in Davos, Switzerland on Jan. 21, Trump declared that his presidency has generated a “blue-collar boom” and a “roaring geyser of opportunity.” “The American Dream is back,” Trump said. “No one is benefitting more than America’s middle class.”
Trump has presided over an economy that has generally improved at about the same pace since 2013 or so. The pace of job growth and stock-market gains—frequent Trump bragging points—are about the same as they were during President Obama’s second term. And Trump’s focus on short-term comparisons obscures pernicious problems that no president has figured out how to solve, such as exorbitant health care costs and worsening wealth and income inequality.
“Since my election, the net worth of the bottom half of wage earners has increased three times faster than the increase for the top 1%.” This is true, according to Federal Reserve data. Lower-income Americans have mostly benefited from the rebound in home values that began in 2012. Yet the bottom 50% controls just 1.5% of the wealth in the United States, while the top 1% controls nearly one-third.
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