5/6/18: Random notes on the Trump economy. The April jobs report is out. It’s solid, with 164,000 jobs added (preliminary report). This keeps alive a streak of 91 months of growth, 76 under President Obama.
Despite a historically low unemployment rate, the average American worker can still feel: Something isn’t right.
Adjusting for inflation, in 1970, 92% of Americans, age 30, were making more than their parents at that same age. By 2010 that figure had fallen, for those born in 1980, to 50%.
A recent study by the Federal Reserve finds that 46% of workers would not have cash to pay
emergency medical expenses of $400 or higher. (The median out-of-pocket cost of
emergency medical care is now $1,000.) One in four persons surveyed said they
went without dental care to save money. As for those without health insurance,
41% said they skipped doctors visits.
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Most American textile jobs have been shipped overseas. Pay for those who still work here is not good. |
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