The US presidential election: part one – the economy – Michael Roberts
“…real GDP may be growing and financial asset prices booming, but it is a different story for the average American household, hardly any of whom own any financial assets to speculate with. Instead, while rich investors boost their wealth, under the Trump and Biden administrations Americans have experienced a horrendous pandemic followed by the biggest slump in living standards since the 1930s, driven by a very sharp rise in prices of consumer goods and services…
“Americans are well aware of costs that the official indexes and mainstream economists ignore…
“Indeed, inequality of incomes and wealth in the US, among the highest in the world, is only getting worse. The top 1% of Americans take 21% of all personal incomes, more than double the share of the bottom 50%! And the top 1% of Americans own 35% of all personal wealth, while 10% of Americans own 71%; yet the bottom 50% own just 10%!”
It’s the (household) economy, smarties!
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