What do the “great economy” headlines really tell us? Has anyone noticed that Republicans led the U.S. into nine out of the last 10 recessions?
A record-high stock market doesn’t signal a stable economy. Corporations simply took their tax cut money and instead of generating new jobs, poured money into the market. This causes stocks to be over-valued but pleases their stockholders. Just as in the 2000 and 2008 crisis, unregulated banks and funds push the limit until the whole thing topples.The average person loses retirement funds but the wealthy buy low and make a bundle. Pay attention to historical trends not just your present 401K balance.
Unemployment numbers go down when people who can no longer collect are taken off the list but they’re still without a job. Announcing new jobs sounds good except that 1.7 million of them were minimum wage (limited to 24 hours a week so businesses could avoid paying benefits) making up 59% of the labor pool. How many of the 60% of American families who live on $40,000 or less still have to work multiple minimum wage jobs? A low unemployment rate doesn’t mean that Americans are suddenly getting decent paying jobs.
Republicans flash money around to impress. More money for the military? Where do you think that money is coming from? Your pockets. Like every over-spending Republican administration has done, they borrow huge amounts of money, which raises our national debt. Not only do Americans have to eventually repay the debts to which they never agreed but the taxpayer absorbs the 2.567% interest charge.
The Republicans cried disaster when President Franklin D. Roosevelt’s New Deal went into effect. Today, millions of Americans are grateful that they have paid into the Medicare and Social Security programs on which they depend. As Harry Truman said, “Socialism is the epithet Republicans have hurled at every advance that helps all people.” Republicans warn of a “Communist government” to scare people who don’t understand that Socialism is the successful economic theory we’ve been using in the U.S. since the 1930s.
How clever of the Republicans to spout meaningless facts about a great economy and discount the idea of directing your tax money to improving the quality of your life. If you think they are doing a great job giving your money to millionaires who are supposed to somehow “share” it with you, I might as well give you 100 pennies in exchange for the $100 bill you’re holding and call it even.
Martha Hodges is a resident of Kailua-Kona.