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Red & Black opinions

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 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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Donald Trump speaks on job creation at a campaign rally.

(continued from page 14) to work two jobs because wages have not significantly increased for many workers, and a need to leave minimum wage jobs because Trump does not support increasing the minimum wage in any capacity, though the minimum wage is not a living wage.

This is partly because of how Trump’s Tax Cuts were structured in the 2017 Republican Budget. He was correct in claiming that, on paper, America has one of the highest corporate tax rates in the world, at 35 percent, which is higher than that imposed by OECD statutes.

However, the USA also has more tax loopholes, allowing corporations to significantly drop the amount of taxes they pay, with 258 Fortune 500 companies only paying 21.2 percent in taxes between 2008 and 2015, and 100 of these companies paid nothing in federal taxes for at least one year during this period. Trump’s tax cuts left these loopholes in while also decreasing the corporate tax rate, leaving corporations with even more wealth and power than they had before.

Meanwhile, while 75 percent of new tax cuts will go to individuals over corporations, itemized deductions and exemptions have also been cut, leading to an increase in taxable income of $16,600 for the average family of four. This erases the tax cut for middleand-lower class families, even in the short run. These tax cuts, then, are not anything more than a bailout for corporations while they become increasingly deregulated by Trump. The middle-and-lower classes haven’t received any assistance.

There is no increased minimum wage despite an economy that should be able to handle it; COVID-19 has led to a wage decrease as corporations attempt to protect themselves from economic fallout while the wealthiest people in America, such as Jeff Bezos, continues to see skyrocketing wealth.

As such, Trump has attempted to assist the economy, and in some cases has partially succeeded. People are working more, so they have some opportunity to make more money and live more comfortably, and the stock market has improved. However, this is a Republican talking point; jobs themselves cannot take anyone anywhere as long as the wages aren’t increasing alongside them. And while Harris might have been incorrect in the debate, the stock market is still not going to be a large enough factor to improve wealth inequality while Trump does not act against the wealthy.

Like many of his policies discussed in previous weeks, Trump is leaving behind the most defenseless classes for the advancement of those already doing well.

Courtesy MarketWatch

Courtesy Times Magazine

16 Opinions Red & Black 9 October 2020 Senators Confirming Barrett Are Hypocritical

Trump Administration and family members applaud Amy Coney Barrett at her Nomination Ceremony.

Cassie Carr Red & Black Contributor

Successful Supreme Court nominations serve as one of the most lasting decisions that a president can make during their time in office. Supreme Court justices serve lifetime terms, meaning that an appointment affects the country for decades to come. With the recent passing of Justice Ruth Bader Ginsburg, President Trump has once again been presented with the opportunity to alter the nation’s highest bench.

On Sept. 26., Trump announced Amy Coney Barrett as his nominee to assume the Supreme Court vacancy. Senate Majority Leader Mitch McConnell promptly stated his intention to ensure that this nomination is brought to a vote before the Senate. But this decision is hypocritical and establishes a dangerous precedent. As such, it should be reconsidered.

In uncovering this hypocrisy, one must look no further than the nomination of Merrick Garland by then-President Barack Obama in February of 2016. While still eight months out from the 2016 election, this nomination was contested as being too close to the election to be considered. The GOP-led Senate dug its heels in, refusing to bring Garland’s nomination to a vote.

McConnell led the campaign against Obama’s authority to select Scalia’s replacement. “Given that we are in the midst of the presidential election process, … I believe that it is today the American people who are best-positioned to help make this important decision,” said McConnell in regards to the vacancy. Other GOP Senators endorsed this position. Pennsylvania Senator Pat Toomey was amongst those supporters, stating that he thought “it is wise to give the American people a more direct voice in the selection and confirmation of the next justice.” Notably, he also stated that should Garland be re-nominated by the winner of the 2016 election, he would be “happy to carefully consider [the] nomination,” ensuring his supporters that his choice was ‘above politics.’

Contrasting these statements with those made in regards to the Barrett’s nomination, however, and one cannot help but see that these decisions are anything but ‘above politics.’

Toomey, along with several GOP senators who held similar views as him in 2016, stated that they are “happy to…consider” Barrett for the Supreme Court vacancy. This, in conjunction with McConnell’s resolve to bring the nomination to a vote, comes in spite of the fact that we are now less than a month away from the 2020 election. The fact that 11 months

Courtesy White House

was too close for Obama and less than a month is plenty of time for Trump reveals blatant hypocrisy in Senatorial positioning.

Moreover, this behavior is not only hypocritical but dangerous to democracy as we know it. Votes within the House and Senate have become increasingly divided along partisan lines in recent years, making compromise across the aisle a rarity in our nation’s legislative halls. By backtracking on statements made during previous administrations, this divide is deepened, further estranging Democrats and Republicans.

In order to ensure that our nation can continue operating with some semblance of unity, such actions must be stopped. Senators should uphold their statements regarding the delay of Supreme Court nominations during a presidential election year. Amy Coney Barrett’s nomination should not be considered by the Senate until after the 2020 election.