To The Daily Sun
Because of the way Republicans bootlick corporations and grovel to the financially comfortable since Reagan, real wages have remained stagnant for decades, when accounting for inflation. Despite a low unemployment rate and 101 straight months of job growth, when wages are adjusted for cost of living increases, capital has about the same purchasing power as it did 40 years ago. And that, even though worker productivity has risen 74 percent since 1973, according to the Economic Policy Institute. Wage gains have gone mostly to higher paying jobs, which scews the averages to look better than they really are for average wage earners. Protests, boycotts, and progressive activism did more to raise wages than anything else over the last decade.
Even Dear Leader's first year's monthly average job creation numbers (171,000) were below President Obama's in his last six years (174,000). And in 2014, according to the Labor Department, 2.95 million jobs were added in 2014. The Economic Policy Institute estimated 246,000 jobs a month were added in 2014 — the best year since 1999. The tax cut hasn't changed much of anything for struggling workers. According to Politifact, economist Gary Burtless of the Brookings Institute concurred with their own findings: "job growth since December 2017 does not look exceptional compared with job growth throughout the current economic expansion."
For the most part, corporations didn't pass their new savings on to workers but bought back stock, which increases it's value, making the shareholders the big winners. Back in February, Goldman Sachs estimated S&P 500 firms will return $1.2 trillion to shareholders in 2018. Over a trillion! For instance, "A Bloomberg analysis found that about 60 percent of tax cut gains will go to shareholders, compared to 15 percent for employees. A Morgan Stanley survey found that analysts estimate 43 percent of tax cut savings will go to stock buybacks and dividends, while 13 percent will go to pay raises, bonuses, and employee benefits. Just Capital’s analysis of 121 Russell 1000 companies found that 57 percent of tax savings will go to shareholders, compared to 20 percent directed to job creation and capital investment and 6 percent to workers". (VOX)
The GOP tax cut is a scam and a sham. According to the Tax Policy Center, if you make $20K, you'll save $50. A three-tenths of a percent tax cut! 30K? $180 or seven-tenths! 40K? $360 or 1.1 percent. Half a million to a million? $21,240 or 4.6 percent. The multi-millionaire will save an average of $69,660. In other words, the families who need tax relief the most got spat on by the Party of Ayn Rand. Those making $500K to a million get a tax break that is 1,533 percent the rate of those making $20K and 657 percent the rate of those making $30K. Furthermore, in July, the Labor Department reported an inflation rate of 2.9 percent over the last year, which has wiped out the 2.7 percent wage increases of that period.
Vote Democrat and get rid of all those snake oil selling, trickle-down scoundrels. Trickle down economics is a crude joke on the working class. Ask every local candidate what party they affiliate with. Go to your town hall and get a sample ballot to find out who is on the ballot beforehand. NH.GOV also has them. Research each candidate. Candidates that don't want you to know their affiliation should not be trusted. They might go on to a higher office and vote for the same kind of shams. Stop them now at the local level. Chris Pappas for Congress!