Opinions 14
9 October 2020
opinions Red & Black
Donald Trump Ignores Lower-Class America Paul Collier Red & Black Editor
The commonly accepted strength of Donald Trump’s presidency is his economic policy. However, while the economy has improved overall under Trump’s direction, he has not fixed many issues that still face lower-andmiddle class Americans. One of the biggest accomplishments Trump has touted is the growth of the Stock Market, prior to its historic downfall at the onset of COVID-19. However, the 32 percent decline as a result of the virus (which was sharper than that of the 2008 recession) should show that Trump’s policies alone do not actually make the stock market go up or down. It is based on predictions, so
while Trump’s policies may affect how sharp this incline or decline is, the stock market is not a good indicator of the overall health of the economy. It is important to remember, though, that while Trump has been in office his presence alone has made the stock market improve. Despite claims by Kamala Harris during the Democratic Presidential Primary Debates that this does not affect the average American, 41 percent of US workers have Union retirement plans placed within the Stock Market, and 52 percent of American families have retirement plans invested in the Stock Market through accounts like 401(k)s. Furthermore, 20 percent of families making under $35,000, 44 percent of families making from $35,000 to $53,000, and 66 percent of families making from $53,000 to $100,000 have money invested directly or indirectly in the stock market. The health of the Stock Market is
vital to these lower-and-middle class families. The supplemental wealth they can gain from a growing stock market can help them survive better now and will assist their retirement plans. It is also important to note that while Trump may be given some credit for the record highs of the stock market, he also has to take some blame for the record declines that reverted the market to where it was in early 2017 due to his failure to respond to COVID-19 in its early stages, and these declines are harmful to families. However, while still volatile, the market has recovered from these losses in record time despite the economy itself still remaining stagnant due to a lack of economic participation; it recovered to its pre-COVID levels in only 126 days. Trump’s refusal to endorse shutdown measures has crippled the economy. The lack of a rapid shutdown has led to extended shutdowns that
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kept small businesses closed, increased unemployment, and decreased participation by choice and government mandate. As a part of this, 10 percent of Americans are now unemployed, and jobs are still being lost. This goes directly against one of Trump’s biggest economic strengths. Twelve months ago, the Bureau of Labor Statistics was able to report that since his election, 6.4 million jobs had been added, the unemployment rate fell to 3.5 percent, its lowest point since May 1969, unemployment rates matched their lowest ever for the Black, Hispanic and Disabled communities, and the unemployment rate for those without a high school diploma dropped to 4.8 percent, the lowest ever. However, this is also not necessarily because new workers are entering the labor force; 73.7 percent of workers gained new employment while within the Labor Force, indicative of a need (continued on page 15)
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