- The wealth gap in America is shamefully wide. The top 1% own $57.86 trillion in assets, the top 10% own $61T, and the bottom 50% own a paltry $4.21T in assets. Trump’s obscene tax cuts will make it wider.
- Consumer loan defaults are on the rise.
- Total household debt hit an all-time high.
- Consumer sentiment is lower than it was in the depths of the 2008-2009 financial crisis.
- Trump’s immigration crackdown is tightening the labor supply and threatening wage inflation, just as it did during his last term.
- Inflation spiked again in September. Businesses are passing the costs of tariffs on to consumers and feeding more inflation, which is bound to keep climbing.
- The totals jobs added in May and June were revised downward by 258,000 jobs. May’s estimate of a 144,000 gain was revised down by 125,000 to 19,000. June’s tally of 147,000 was slashed by 133,000 to 14,000.
- Low job postings at Indeed.com suggest that hiring is getting worse.
- The surging stock market hasn’t helped the bottom two thirds of Americans as the top third owns 87% of the stock market. And The Magnificent Seven tech stocks accounted for roughly 41% of the S&P 500’s gains. Who owned the other 59%?
I hope this will help Americans separate the facts from Trump’s claim that “We have the best economy we’ve ever had.”
