A Second Great Depression Looming Ever Closer?

capitalism

Economic historians are expressing their fears that America is moving backwards into a second great depression. Several similarities between 1920’s America and today’s fiscal situation under Trump are very upsetting.

  1. a large wealth gap
  2. the absence of effective monetary policy
  3. a change in the world order, in this case the rise of China and the potential for trade wars/technology wars/capital wars.

This is very upsetting. Income inequality is growing. Trump’s fiscal “policy” is based on the proven failure of ‘trickle-down’ economics combined with attempts to bully other nations into compliance with the orange man’s demands. We are already engaged in a trade war with China.

First, it is important for everyone to know that Wall Street; the Dow Industrials; the stock market; is not an indicator of a good economy. The only thing to learn from a surging market is that wealthy Americans are benefitting from the current economic situation. The majority of Americans are not experiencing an increase in their income. Good paying jobs are rare. Part time employment numbers show an increase while fulltime jobs with benefits are few. Farmers are declaring bankruptcy at a higher rate than over 10 years ago. Thanks to Trump’s unilateral decision to engage in a trade war, consumers are paying more for everything from toys to appliances.

The next time you hear or read about Trump bragging about the economy, remember two things. First, Barrack Obama’s fiscal policies saved our nation from another depression. When he left office in 2017 our nation was in full recovery. Second, has your quality of life improved under Trump’s administration? Have you received a substantial raise in pay, or has your employer increased your benefits program?

The truth is that Trump and his administration are a disaster, and the situation will only worsen. To be blunt; they don’t know what the hell they are doing with the exception of padding their own bank accounts.

Op-ed by James Turnage

“The Truth Lives Here”

SOURCE

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