'The Truth: Trump's Economy Is An Absolute Disaster For People and The Planet,' Joseph Stiglitz

[appalachiablue]

'Here's the Truth: Trump's Economy Is an Absolute Disaster for People and the Planet.'
It is becoming conventional wisdom that US President Donald Trump will be tough to beat in November, because, whatever reservations about him voters may have, he has been good for the American economy. Nothing could be further from the truth. By Joseph Stiglitz, Common Dreams, Jan. 17, 2020. Excerpts:

As the world’s business elites trek to Davos for their annual gathering, people should be asking a simple question: Have they overcome their infatuation with US President Donald Trump? Two years ago, a few rare corporate leaders were concerned about climate change, or upset at Trump’s misogyny and bigotry. Most, however, were celebrating the president’s tax cuts for billionaires and corporations and looking forward to his efforts to deregulate the economy. That would allow businesses to pollute the air more, get more Americans hooked on opioids, entice more children to eat their diabetes-inducing foods, and engage in the sort of financial shenanigans that brought on the 2008 crisis.

Today, many corporate bosses are still talking about the continued GDP growth and record stock prices. But neither GDP nor the Dow is a good measure of economic performance. Neither tells us what’s happening to ordinary citizens’ living standards or anything about sustainability. In fact, US economic performance over the past four years is Exhibit A in the indictment against relying on these indicators.



- Neither GDP nor the Dow is a good measure of economic performance. Neither tells us what’s happening to ordinary citizens’ living standards or anything about sustainability.

The lion’s share of the increase in GDP is also going to those at the top. To get a good reading on a country’s economic health, start by looking at the health of its citizens. If they are happy and prosperous, they will be healthy and live longer. Among developed countries, America sits at the bottom in this regard. US life expectancy, already relatively low, fell in each of the first two years of Trump’s presidency, and in 2017, midlife mortality reached its highest rate since World War II. This is not a surprise, because no president has worked harder to make sure that more Americans lack health insurance. Millions have lost their coverage, and the uninsured rate has risen, in just two years, from 10.9% to 13.7%.

One reason for declining life expectancy in America is what Anne Case and Nobel laureate economist Angus Deaton call deaths of despair, caused by alcohol, drug overdoses, and suicide. In 2017 (the most recent year for which good data are available), such deaths stood at almost four times their 1999 level. The only time I have seen anything like these declines in health—outside of war or epidemics—was when I was chief economist of the World Bank and found out that mortality and morbidity data confirmed what our economic indicators suggested about the dismal state of the post-Soviet Russian economy..

Even the unemployment rate, at a 50-year low, masks economic fragility. The employment rate for working-age males and females, while rising, has increased less than during the Obama recovery, and is still significantly below that of other developed countries. The pace of job creation is also markedly slower than it was under Obama. Again, the low employment rate is not a surprise, not least because unhealthy people can’t work. Moreover, those on disability benefits, in prison—the US incarceration rate has increased more than sixfold since 1970, with some two million people currently behind bars – or so discouraged that they are not actively seeking jobs are not counted as “unemployed.” But, of course, they are not employed. Nor is it a surprise that a country that doesn’t provide affordable childcare or guarantee family leave would have lower female employment—adjusted for population, more than ten percentage points lower—than other developed countries...

More, https://www.commondreams.org/views/2020/01/17/heres-truth-trumps-economy-absolute-disaster-people-and-planet

[blm]

1. Stiglitz works with Warren. This country needs his wisdom

and guidance going into the future.

[Kurt V.]

4. i didn't know that. Excellent

[blm]

7. They worked together on campaign against inequality in 2015.

It always seems odd to me when some factions claim that Warren is just copying others.

[Wellstone ruled]

2. And as of today,

the Orange Anus reelection campaign will be all about how great the Economy is. And all those big tax refund Checks you all are going to get.

As one Guy said,there is no there there for 80% of the population.

From what we learned this past week form our acquaintance's who live in Rural America,it is getting ugly. And this might well be the year they go broke. Never heard the stress in their voices like last week since the 1980's. Yes there are a few that will not be worried about where their next check is coming from,but they are the exception.

[appalachiablue]

5. So many are stressed, living on the edge for years...

and the toll on health, family and community is enormous

[Wellstone ruled]

8. Wonder if we close to

the Nations Economic Breaking point by the simple accumulation effect. As a older person,something feels similiar to what my parents and Grand Parents experienced pre WW2. Seeing similiar things accruing only with a different twist. First was two days ago at the Grocery. Noticed Moms doing their shopping,have to say,I recognized several since we tend to shop the same days of the month,first notice was the purchase of less food stuffs or because of lack of funds on their EBT cards,they were doing go backs.

What really cuts me is,when I see Mothers that because of something they cannot control,have to not be able to buy enough to feed their children for the next four weeks plus.

After five plus decades in and around the Grocery Trade,one knows the scammers from the real people. And there so many real people suffering with the economic disparities that have only gotten worse in the last three years.

[appalachiablue]

9. That's hard to take, seeing people put back items, esp. for children

[Wellstone ruled]

10. Most average shopper would not

notice this happening or understand the how or why. My Spouse and I have on many occasions stepped in and have the Cashier put the item on our tab. I fact my Spouse has pretty much stopped going to the Grocery. We both know what true poverty is and fought like hell to never go there again.

What is real telling is,the Cashiers,the ones whom I have befriended through the years,on the surface are stoic and don't let the Go Back Issue tear at them,but,it tears at them something heart wrenching. As we old timers would say,they talk to those whom they know and trust.

[appalachiablue]

11. Thank you for this, it's reassuring to know how people care & act

to help others esp. in these hard, difficult times.

[Wellstone ruled]

12. I am sure others do

what we do to help. Once your Register Trained,it is hard not to notice.

[blm]

13. Tearing up at this glimpse into everyday life for our most vulnerable citizens.

[DanieRains]

3. The Economy Sucks For Most Except The Wealthiest

Inflation is eating us alive.

[appalachiablue]

6. Costs skyrocketing, esp. health ins. & housing. Nothing 'cheap'

except mass produced, processed food, clothes and some consumer junk.

[SunSeeker]

14. K & R

[angstlessk]

15. I recall when I was working

My rent took most of my salary, and the day before payday I bought a potato for dinner, but I was short about 5 or 10 cents. The cashier suggested I find a smaller potato, but the gentleman behind me put up the funds.

I could have kissed him.

[blm]

16. ✔️

[BeckyDem]

17. Unemployment at a 50 year low, masks economic fragility.

The essence of corruption.

[Blue_Tires]

18. Trumpers won't care because they're immune to facts