Reich: The 7 Biggest Failures of Trumponomics

Labor News

Trumponomics has been a disaster. (Photo: Screenshot/Youtube)

Reprinted from Common Dreams by Robert Reich on June 11, 2019.

“Donald Trump and Republicans in Congress keep crowing about the economy, when in reality Trumponomics has been a disaster,” writes Robert Reich in Common Dreams. “Here are its 7 biggest failures:

1. “Trump promised to bring down America’s trade deficit ‘as fast as possible.’ Instead, the trade deficit has hit an all-time high. The United States is now purchasing more goods and services from the rest of the world than we sell abroad than at any time in history.

2. “As a presidential candidate in 2016, he said he could completely eliminate the federal debt in 8 years. Instead, the federal debt has exploded thanks to Trump and the GOP’s $1.9 trillion tax cuts for the wealthy and corporationsThey’re already using the growing debt to threaten cuts to Social Security, Medicare, and Medicaid.

3. “He promised to boost the wages of American workers, including a $4,000 pay raise for the average American family. Instead, wages for most Americans have been flat, adjusted for inflation. Meanwhile, over the same period, corporate profits have soared and the rich have become far richer, but the gains haven’t trickled down. …

Common Dreams 6/11

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