When are American workers going to get a raise?
The Trump Administration has us mired us in a sluggish economy as job growth slows to a six-year low in Trump’s first year, companies have started firing after getting their tax scam passed, wages remain stagnant and American families are struggling to pay for groceries and basic bills.
This was cross-posted on the Institute for Economic Justice blog
Comcast actually fired 500 employees after the tax scam passed.
Comcast reportedly fired about 500 salespeople shortly before Christmas, despite claiming that the company would create thousands of new jobs in exchange for a big tax cut.
Comcast apparently tried to keep the firings secret while it lobbied for the tax cut that was eventually passed into law by the Republican-controlled Congress and signed by President Trump in late December. The Philadelphia Inquirer revealed the Comcast firings this week in an article based on information from an anonymous former employee, Comcast documents, and other sources in the company.
AT&T ANNOUNCES THOUSANDS OF LAYOFFS, FIRINGS JUST IN TIME FOR CHRISTMAS via Newsweek
Currently, job growth has reached a six-year low and while the stock market hits 25,000, what does this tell us? This seems to show us that the stock market is separate from the economic realities facing our country. The stock market is merely an indicator that people with money are making more money. The stock market is not an indicator of a healthy economy.
Fox News points to bonuses being given out around Christmas as a positive result for their trickle-down experiment. Stocks have been high for years, but nothing has trickled down. 2017 was even further proof of that.
Trickle down thinking is failing American families
Half of the nation doesn’t even own stocks, a pension, or have any sort of retirement savings. So, who’s making money when the stock market hits 25,000? Not you and I.
How are these Americans supposed to retire with Paul Ryan, Steve Daines and Greg Gianforte coming for their Social Security and Medicare?
People with money are making more money, it’s that simple. The billionaire GOP donors are making money. Corporations are making money hand over fist.
Greg Gianforte is even wealthier now because he has millions of investments in the stock market, including Russian stocks. Gianforte can now use this new unearned income to fund another embarrassing campaign for Congress.
Steve Daines is also wealthier now because of his ties to Wall Street, as well as benefiting from personally getting his pass-through kickback into the GOP tax bill.
Bill Gates, Jeff Bezos and Warren Buffett have more wealth than half the population of the US combined via CNBC
Those who are lucky enough to have a pension or a 401k after the great recession are also doing better with the stock market high.
What about the other half of the country that does not have any investments in the stock market? According to the job numbers from the past year, they are barely getting by.
The total average jobs added for 2017 was the worst on record since 2010. The total number of jobs added for 2017 was even less than 2016, Barack Obama’s last year as president. Wages are growing at an anemic 2.5% when the historical average is 3.5%. Wages still lag behind pre-recession levels while the stock market has fully recovered.
This is the same issue that President Obama’s economy struggled with. Sky high stock market, but wages remain stagnant. This is what working Americans keep seeing and are fed up with it. They see Wall Street getting richer while the rest of us pay more for healthcare, groceries, education, and taxes. For most Americans, they can’t even invest in the stock market because wages are not high enough to save money for investment
Bonuses are not wage growth unless you get one every year. Tax accountants across the nation told banks and corporations to give out bonuses this year so that they can write them off under the more favorable GOP tax plan next year.
These bonuses will not be there next year, hence why this is not actual wage growth. There was a time when Baby Boomers, like Clark Griswold in Christmas Vacation, expected a bonus each year. And if they didn’t get one, they would have uncle Eddy break down the door of their boss’s house and kidnap him. What’s funny is that Clark Griswold doesn’t actually need this bonus to pay down his student loans faster, make an auto loan payment, fix up his house, or save for his kid’s college, he wants it to build a pool.
Wage growth will not happen by politely waiting around and hoping our benevolent corporate overlords throw us some table scraps. We need to take it. We must demand higher wages. We must demand a living wage in every state or organize to collectively bargain for fair wages.
Historically, this is the only way the working people of this nation have ever gotten a raise or ahead.