It has taken America’s 45th president almost four self-serving and destructive years to reach this point, but in pulling the trigger on withdrawing troops from Germany, one-third of the total stationed in the country, he has signaled an end to what Franklin D. Roosevelt, America’s 32nd president, conceived as a post-World War II order based on common interest and collective aspirations.
“The recovery has been very strong,” Donald Trump said on Monday. Then the commerce department reported the US economy contracted between April and June at the fastest pace in nearly three-quarters of a century, which is as long as economists have been keeping track. The drop wiped out five years of economic growth.
But pesky facts have never stopped Trump. Having lied for five months about the coronavirus, he’s now filling social media and the airwaves with untruths about the economy so he can dupe his way to election day.
This month, In These Times collected 10 statistics that present a sobering vantage on American wealth since the Great Recession, revealing a nation defined by worsening inequality, stagnating wages and uneven economic development rather than universal prosperity.
18.82% – Increase in gross domestic product (GDP) between 2007 and 2018
43.16% – Increase in corporate profits after taxes from 2007 to 2018, adjusted for inflation
65.97% – Increase in ratio of CEO-to-worker compensation from 2007 to 2017, adjusted for inflation
29.2% – Increase in productivity from 2007 to 2017
2.93% – Decline in how much of GDP workers took home between 2007 and 2017
13.3% – Hourly pay increase from 2007 to 2017
$28 – Bonus from the 2017 Tax Cut and Jobs Act for each American worker, according to recent analysis by the CRS
53% – Taxpayers who will pay more in taxes by 2027, due to the 2017 Tax Cuts and Jobs Act
3.1% – Decrease in civilian labor participation between 2007 and 2018
43% – College graduates who reported being underemployed in their first job, as of 2018
76% – Counties in the United States that had fewer small businesses in 2016 than they did in 2007