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josie's avatar

What are politicians griping about. Are the rich expected to do poorly in a good economy?

Asked by josie (30926points) May 3rd, 2019

Unemployment is at the lowest level in my lifetime.
Economic growth is at a level that some experts thought was unattainable.
Plus, according to th NYT, there is little threat of inflation. Hourly wages are up over 3%

But in spite of this nice news, politicians gripe that this economic boom cycle only benefits the rich.

But the Rich ALWAYS do pretty well.

Duh.

Do they expect the rich to do poorly?

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11 Answers

hmmmmmm's avatar

People are suffering, income inequality is (and has been for 40 years) drastically increasing, and these are just facts. You know this. Our economic system has failed, and we are dealing with the consequences. You’re somehow seeing this as “griping” because there are a few politicians that point out the obvious?

Yellowdog's avatar

The people who have benefited the most are actually blue collar workers.

Those who live on, or are partially dependent on, government assistance, really haven’t seen much change.

The rich are far more of a complicated picture.

flutherother's avatar

The rich can look after themselves pretty well but not everyone can be rich. The government has a responsibility to manage the country to everyone’s benefit, so no one loses out and no one is destitute.

Tropical_Willie's avatar

@YellowdogThe people who have benefited the most are actually blue collar workers
SOURCE^^^

Yellowdog's avatar

Record wage increases, the high numbers of new manufacturing jobs which Obama said are never coming back. Over a million more jobs than people to fil them.

In Pennsylvania, for instance, they are actually recruiting prisoners because there are more jobs available and more jobs expected to be created in the near future.

Tropical_Willie's avatar

The cost of living from inflation is higher from the increases in wages because the unemployment rate is so low.

It’s harder to get employees so they have to pay more.

Yellowdog's avatar

There hasn’t been any inflation and the GDP rate is at 3.2 percent.

Obama’s economy never made 2% and he said he wondered what kind of magic wand Trump had to get the economy above 2%—that 1% was the new norm and Trump was promising something he knew was not possible.

Tropical_Willie's avatar

Inflation in 2018 -The dollar experienced an average inflation rate of 2.44% per year during this period. In other words, $50,000 in 2017 is equivalent in purchasing power to $51,221.20 in 2018. The 2017 inflation rate was 2.13%. The inflation rate in 2018 was 2.44%.

Stop listening blindly to the orange skinned bad comb-over Twitter in charge. There is infflation !

hmmmmmm's avatar

@Yellowdog: “Record wage increases, the high numbers of new manufacturing jobs which Obama said are never coming back. Over a million more jobs than people to fil them.”

Real wages have been stagnant for decades.

@Yellowdog: “In Pennsylvania, for instance, they are actually recruiting prisoners because there are more jobs available and more jobs expected to be created in the near future.”

The use of prison labor is a feature of capitalism. It criminalizes poverty and certain populations, uses private prisons, and then uses slave labor (prisoners) to avoid labor and wage laws. You shouldn’t be bragging about this. This is the kind of shit that should make us sick.

Yellowdog's avatar

They are hiring when the prisoners are out. There are far more well-paying jobs available, even to former prisoners, than there are people to fill them.

The use of prison labor is really not that remarkable. I wasn’t even sure it was still done since the Roosevelt era.

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