It was reported today that the economy is doing great under Biden. It grew at the fastest rate since Reagan. Employment is up, the stock market is rising, and businesses are reporting record profits.
How are you doing?
The problem with talking about the economy is that for almost every economist out there, they look at these factors and not instead at how most Americans (like us) look at it.
Wages are stagnant. The cost of living increases constantly. Inflation is out of control. People can’t afford to buy houses because they’re paying off huge college loans. Whereas in my parents’ day, one worker could feed and house a family of four, such a thing is a fantasy these days.
The days are over when parents could imagine that their children would be better off in the future.
We’ve been heading this way ever since Reagan destroyed our economy in favor of the big businesses. It used to be that as the rich got richer, so did the rest of us. When the economy did well, we all benefitted. No longer.
The Republican party insists this is the way to go. Don’t forget that they passed another huge tax cut for billionaires and corporations under Trump, while increasing the taxes on the rest of us.
And we the people know that. The vast majority of Americans, liberal and conservative alike, say in surveys that the economy only favors the rich.
So when younger people today turn away from capitalism and start talking about socialism, this is why.