Over 80 percent of the stock market is owned by the richest 10 percent of Americans anyway, so most Americans never got much out of Trump’s market boom to begin with.
The trade wars are about to take a toll on ordinary workers. Trump’s steel tariffs have cost Ford $1 billion so far, for example, forcing the automaker to plan mass layoffs.
What about economic growth? Data from the Commerce Department shows the economy at full speed, 4.2 percent growth for the second quarter.
But very little of that growth is trickling down to average Americans. Adjusted for inflation, hourly wages aren’t much higher now than they were forty years ago.
Trump slashed taxes on the wealthy and promised everyone else a $4,000 wage boost. But the boost never happened. That’s a big reason why Republicans aren’t campaigning on their tax cut, which is just about their only legislative accomplishment.
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