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View submission: Thoughts on trump’s economy?
Your first two statements are partially true, but your conclusion is not. We are not just looking at rich people when we say the economy was strong. Wage growth rate outpaced inflation for the past 2 years, and that growth rate was proportionally larger for lower income brackets than for the top 10%. Unemployment was at record lows.
The child poverty rate has increased from its extremely low rate in 2021, yes. Let’s look at why that happened. Currently, the child poverty rate is close to 16%. In 2021, it was only 5.2%. However, in 2019, it was 15%, in line with present numbers. Why did it fall so much in 2021? Due to the expanded child tax credit in the American rescue plan act. That tax credit single handedly cut child poverty rate by more than half. The biden admin and dem-controlled house attempted the extend that child tax credit in the build back better act, but it stalled in the split control senate. So congress let the tax credit expire at the end of 2021, which caused millions of children to slip back in to poverty in 2022. Oh, and guess which candidate campaigned on trying again to make that child tax credit permanent?
Homelessness has increased, yes, primarily due to the extreme rise in rent within certain metro areas. But let’s be honest, there was a lot more to the COVID housing boom, which caused those skyrocketing rents, than just “the economy”. It had very little to do with the president, and a lot to do with a population migration trend that led to a higher concentration of people living in urban areas. Encouragingly though, the rate of re-homelessness fell during the second half of bidens term, meaning more people were able to leave homeless shelters for their own new permanent residence and stay there. So more people were using shelters and resources provided to find jobs and places to live. Oh, and again, guess which candidate campaigned on actual plans to reduce housing costs?
There's nothing here!