Commentary: Trump and his supporters claim the economy is booming for everyone. They constantly tout the stock market and the low unemployment rate.
Actually, most American families earn their income from wages and there has not been meaningful wage growth in 50 years. Most of the benefits of this economy have gone to the top 10 percent--especially the top 1.0 percent. About 84 percent of American stocks are owned by the top 10 percent.
The unemployment rate does not measure those people who have dropped out of the work force or part- time workers who want to have full time work. Workforce participation has dropped several thousand since the great recession in 2009/10.
Economic mobility is very difficult today for two main reasons—lack of training in needed skills and the high cost of housing in urban centers. Other developed countries like Canada, Western Europe, Japan and Australia provide retraining programs for people who lose their jobs in fields where there is demand--like health, electricians, plumbers, mechanics, computer specialists, etc.
Not in the U.S.—we cut Corporate and high earners' taxes, hoping it will trickle down—never has and never will.
If the minimum wage had kept up with inflation it would be at least $22 an hour today. A father and mother with two children—each working for $10 to $13 an hour without benefits—are barely keeping their heads above water and have difficulty satisfying basic needs like housing, food, transportation and child-care. Forget about health care and setting aside money for college education and retirement. Now imagine if that same family was a single parent—which is often the case in our fractured society.