When Will the Recovery Benefit the Rest of Us?

Richard Fuld

The Trump administration likes to talk up the economy, consistently claiming credit for the recovery that started during the Obama administration and has remained on track through the first two years of Trump’s term. But they’re ignoring a large part of the population.

Unemployment is down. Businesses are generally strong. But most people have seen little benefit from the Nation’s recovery from the worst recession we have experienced in decades. The working class lost a staggering amount of wealth in the recession. And while the stock market and housing prices have bounced back, too many people have never regained what they lost – and never will. Investors gobbled up the houses that flooded the market at bargain prices, turning millions of homeowners into perpetual renters. People struggling to survive sold their shares in the stock market and have never been able to buy back into that vital part of our economy. In the decade since the crash, income to CEOs and other executives has skyrocketed, while wages have barely risen – and real wages, taking into account the effect of inflation, are actually down. Yet, this administration’s sole legislative achievement – in the twenty months since the GOP took complete control of the government – has been a tax cut that gave large, permanent cuts to the wealthy, and piddling, temporary cuts to the rest of us. The gap between the haves and the have-nots has only grown under the GOP’s watch.

Tom McClintock is fully committed to his party’s “rob the poor to give to the rich” policies. McClintock is selling us out, one vote at a time. This is one of the many reasons we oppose Tom McClintock. California’s Fourth District, and this country, deserve better.

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