Donald Trump kicked off the 2020 Republican National Convention on Monday with a speech where—in between his lies, claims of victimhood, and spewing of conspiracy theories—he unveiled his economic message for his 2020 campaign: “Make America February Again. #MAFA.” Seriously, Trump’s economic plan is that he wants you to close your eyes and remember the economy before he horrifically screwed up the handling of COVID-19.
Did Trump share a roadmap with how to lower our current unemployment rate of 10.2 percent to the 3.5 percent that we had pre-recession? Stop laughing. Of course not. In fact, Trump doesn’t think we need any type of job creation program, boasting that we are seeing a “Super V” economic recovery, while urging everyone who needs proof to: “Take a look at the stocks. We are very close to breaking the record and NASDAQ.”
The reality is that 88 percent of the stock market is owned by the top 10 percent wealthiest Americans, per a Goldman Sachs study. In fact, the top 1 percent own 56 percent of the entire value of the stock market. So to be fair, for Trump’s rich friends in the pampered class who don’t blink at the $350,000 to join his exclusive country club in New Jersey, I’m sure things are great. But back in the world of people who don’t have a caddy to hand them a sand wedge and can’t afford to buy Apple stock at $500 a share, there’s pain…lots of economic pain that shows no signs of ending in the near future.
Originally published: 2020-08-24 14:33:36