Savings Drain, Wage Stagnation Major Concerns for Economy

Signs of strain emerge in the Trump-GOP economy, says Chandra and Golle of Bloomberg. When savings are drained, it limits consumer spending. This is especially troubling ahead of the holiday season and the all important 4th Quarter where many companies make it back into the black. 

The real problem here is stagnant wages in the era of record profits and record stock market numbers. It’s as confusing as it is wrong.

When the CEO and administrative class receive annual pay raises (sometimes in the millions) and laborers, union workers, and former union workers receive none, that’s a red flag for me. It should be for anyone who’s invested in their community and the broader economy. 

And, this elite group who has yet to pass on their record profits to their workers will receive the largest share of tax cuts from the Trump-GOP tax-cut plan. This is yet another already tried and failed approach that will bankrupt the Middle Class and Working Class, leaving the bill with our grandchildren. 

That’s unacceptable to me and will not lead to wage growth, will not rebuild our crumbling infrastructure, will not help our schools, workers, increase the number of good paying jobs, nor will it boost the economy. 

I will fight for better policies that will . . .

  • boost the earning potential for workers
  • create more opportunities for small businesses to thrive
  • remove barriers for small companies that are invested in their communities
  • rebuild our country’s infrastructure, creating jobs

As representatives, we have to fight for the People, not for big business and special interests. Tax cuts always feel good and make sense on a guttural level, especially for those of us in Illinois who pay too much in property taxes.

“If only they had more money, these CEOs and big companies could give you a raise and create more jobs.”

If this were the case, where were all the jobs and pay raises during the Bush tax cuts? Where are the jobs and bigger paychecks right now with record stock market closings?

Tax cuts for the wealthy have literally never helped the Middle and Working Classes.

Actual tax relief targeted and specific for workers and small businesses, that would be great! I can get behind that. But, for these massive companies and these multimillion dollar CEOs? No. 

I’m tired of waiting. Aren’t you?

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