You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time. Abraham Lincoln
Out and about and unable to write a lengthy blog, we at Think in the Morning choose to share our Sunday morning thoughts inspired by the Nobel laureate economist, Joseph Stiglitz, and by our friends at Global Macro Monitor who have been doing the tedious research to prove the summary points we make. In our defense we point out that we’ve been blogging over the years about these very issues. We provide the relevant links to some of the articles below.
Over the last few years Think in the Morning has been pounding the table on the economy, particularly on the confusion, misunderstanding, and misinformation that surrounds the current administration’s reporting on “the greatest economy in the history of America.”
We are not alone. For years our friends over at Global Macro Monitor have been doing the hard research to investigate what’s really going on behind the scenes. And, just this week, Joseph Stiglitz, penned an article that sums up The Truth About The Trump Economy. Here are his summary points.
- A rising stock market and GDP don’t spell success for all or even most Americans.
- Tax cuts have primarily benefitted the very rich while the poor will pay more.
- Deregulation hurts the environment, health and security.
- While the economy has been growing, life expectancy has been declining.
- Fewer have health insurance.
- There are more “deaths by despair”: alcohol and drug abuse and suicide.
- Real wages have continued to stagnate.
- Racial disparities continue.
- The government deficit has increased even during an expansion.
- The trade deficit has increased.
- Manufacturing employment continues to decline.
- The incarceration rate remains at high levels.
- Inequality has increased to historic levels.
Perhaps repeating the false claims trumpeted by the current administration will convince a majority of Americans that we truly are in the “best economy in history.” At some point, however, the chickens will come home to roost. And, when that happens, there will be, as they say, “hell to pay.”
Short List of Sources
The Truth About The Trump Economy by Joseph Stiglitz
The Secular Decline In Manufacturing Employment by Global Macro Monifor
The U. S. Economy Under Trump: Is It The Greatest In History? BBC
Some past Think in the Morning posts:
Welcome To The American Kleptocracy
Do We Really Need This Tax Cut, Just Askin’?
I always enjoy the Jonesian economics perspective, just like when I worked for you. Whenever you came through the kitchen and I asked you an economics question, I always remember a delightfully interesting and academic response. It was sort of like having Paul Krugman for a dishwasher.
Doug, you were/are special. One of my great loves was everything I learned and experienced at the Sea Gull. I received much much more than I gave.