Whose Economy Is Trump Good For?
If you’re like me, you’re not an economist. I had to take 1 Economics course in undergrad and while I did well, I didn’t care for it. The instructor and I had very different world views and I never agreed with the importance he put on the subject. I get enough made-up rules for a made-up world from my role-playing games.
This lack of a cohesive appreciation for economics is probably why I’m so confused when people say Trump is good for the economy. It’s the one area in which Trump maintains high numbers and I’m not sure why. Even ignoring the effects of COVID-19, which we shouldn’t, it strikes me as an odd claim. What do people mean when they say Trump has been good for the economy?
Do they mean that Trump has been good for the stock market? That has some validity, the market has done some positive if inconsistent things under Trump. He has always touted the market as one of his top priorities. Lying about the severity of COVID, which he claimed was to prevent a panic, was probably to prevent panic in the stock market.
The stock market isn’t the economy though. It’s a part of it, but for most of us, it’s not a big part. It was recently estimated that about half of the population is invested in the stock market and that’s high. It isn’t big investment either. It’s projected that about 80% of investors own a combined 10% of the market. The stock market is for those wealthy enough to gamble in the market. That’s not most of us. The stock market is not the economy.
Some, including Trump, claim “good for the economy” means jobs. There’s a lot of debate and conflicting calculations around some of the relevant numbers but let’s assume Trump is right and he’s “the best jobs president.” It’s worth asking, are those jobs worth having.
If workers are forced to work multiple jobs because cost of living has outpaced wage increases, are they jobs worth having?
If the jobs created fight against worker protections and unions that can ensure safe and equitable working conditions, effectively preventing workers from being part of society, are they jobs worth having?
Is the job providing healthcare, so workers aren’t choosing between working and going to the doctor? Can workers support family medical needs through their employer?
As a side note, universal healthcare that doesn’t rely on employment would take care of that last one and would actually be good for the economy because the workforce would be healthier.
The economy isn’t just lots of jobs. It’s not enough to have employment; it needs to be employment that allows workers to also participate in society and therefore the economy.
Education is part of the economy too. Without an educated workforce, even the most basic of employment will be out of reach. I had a job loading a conveyor belt 8 hours a day and even that required I prove that I could read and do basic math. When is the last time anyone claimed Trump was good for education?
Don’t forget the environment. Investment in new, green technology is the only way to ensure the economy survives the climate crisis. Also, if climate kills all of us, there’s no economy. When is the last time someone said Trump was good for the environment?
The next time someone claims Trump is good for the economy, ask what they mean by “the economy.” Ask “whose economy.” I may not know much about the economy, but I know Trump isn’t good for it.
