President Donald Trump will run on the economy. He will repeat over and over again the statistical information that says blacks are experiencing the lowest unemployment rates ever. He is already saying that more Americans are employed than ever in the nation’s economy.
So what’s not to like?
It’s an illusion. It sounds nice to say that more people are working but how much are they earning? The gap between the wealthy and the middle class and poor has grown dramatically.
In 2018 434,000 workers earned exactly the prevailing federal minimum wage of $7.25 per hour. About half (46.4 percent) of workers making less than $15 per hour are ages 35 and older. These are BLS statistics.
This Yahoo map of minimum wages is the eye opener.
The Dow Jones Industrial Average has risen by 32 percent since President Donald Trump took office. But are Americans overall benefiting? What percentage of Americans own stocks? 80% of Americans own 6.7% of all shares. 84% of all shares are owned by the top 10% of the population.
Those numbers are the basis for many Democratic Party candidates campaign strategy. Their spiel is “I can fix this.”
This video is Tom Steyer’s appearance on CNN’s Smerconish is similar to what you will hear from Bernie Sanders and Elizabeth Warren.
