November 13, 2019

Whose Economy Is It Anyways?

“President Trump is running for re-election on the strength of the economy, and why not? The unemployment rate is lower than it’s been in five decades. The stock market is booming. Overall economic growth has been steady.

There’s just one problem: Voters are not particularly enthused about it. Recent polls suggest a substantial majority of Americans feel the economy is working only for “those in power.”

A big reason for this disconnect is that many Americans feel insecure. They may be doing well at the moment, but they fear that, however high they are on the economic ladder, a single bad step or bad event could cause them to slip. A booming economy hasn’t quieted these concerns, because insecurity remains a huge and growing problem in ways that voters and candidates instinctively get but the sunny job numbers largely hide.

Insecurity is the broad challenge that all 2020 presidential candidates must address — and it helps explain why Democrats are tripping over one another to present bold plans for universal health care, public retirement supplements, guaranteed jobs and a much higher minimum wage.”

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