Wall Street is not the economy. The economy is not Wall Street.
So when politicians try to conflate the two, don’t buy it.
Most Americans need no convincing. All they have to do is look at their savings to know their cushion is wearing thin.
Even with the gradual reopening of the economy, the COVID-19 pandemic has stalled the momentum of countless businesses, with more than 13.6 million Americans still looking for work. Since March, only 48% of the 22 million jobs lost have been recovered.
So what’s with the stock market and the news blasts that we are nearing a record high?
The key word there is “we.”
The stock market reflects the investments of only the very, very elite. More than half of all stocks are owned by only 1% of Americans, while the bottom half of all U.S. wage-earners own only 0.7% of the market.
So when President Donald Trump threatens the U.S. stock market “is going to crash like nobody has seen before,” if he loses the election, what he fails to realize is how few people that actually will affect.
Earth to Mr. Trump — most of us didn’t inherit millions.
AMERICANS know the economy is tied to the virus. The minute manufacturers, restaurants, retailers and scores of other businesses were forced to close because of the outbreak, the economy tanked. In the manufacturing sector alone, more than 700,000 jobs remain vacant.
Conservative estimates put state revenues across the nation for the just-ended fiscal year down 10% and a full 20% for 2021.
Kansas revenues were down $816 million for the most recent fiscal year.
To balance their budgets — as required — states are slashing spending and jobs. These are not isolated events. Lost jobs have a ripple effect that hurt us all.
SEVEN MONTHS into the pandemic and the president still is unwilling to acknowledge the seriousness of the virus and the toll it is taking not only on our businesses but also our loved ones.
In fact, on Wednesday, Mr. Trump admitted that in the early days of the virus he knew of its potential harm, but withheld the advice of health experts because he didn’t want “people to be frightened.”
“We want to show confidence. We want to show strength,” he said.
That inability to be honest and deal responsibly with the pandemic is hurting U.S. confidence that better days lie ahead. Because U.S. consumers drive the economy, such confidence is critical. Instead, 1 in 3 Americans remain fearful that their jobs are secure.
