Seemingly, President Donald Trump’s administration seems to have improved America’s economic performance. It is reportedly at its strongest point. Clearly, Trump seems to have kept his words about improving the economy. This was one of his many frontlines of seeking presidential votes during his campaign. He is also likely to make it a centerpiece during his the campaign for reelection.
However, listening to many Americans, you tend to question the reported strong performance of the economy. Many of them can hardly feel because they are still unable to pay their bills. According to experts, half of the Americans have had to look for extra sources of income to meet the costs of the rising expenses.
Even though 60% are benefiting from the financial situation, 40% seems to be losing its financial grip. They can hardly afford housing, healthcare or even proper education. This is because they are living paycheck to paycheck. Any extra expense, therefore, puts them in a financial crisis resulting in increased personal debt if they have to borrow for the emergency.
Don’t they have any saving culture? Unfortunately, the pay from a majority of jobs cannot allow them to. This will be at the expense of other basic needs because nearly half of the jobs can only afford to pay less than $18.58 an hour and others will pay way below $15. Besides, very few if any have recovered from the 2008 financial crisis.
The total US household debt stands at $13.7 trillion. This is as a result of heavy borrowing by the Americans in the last couple of years and the situation is not getting better any time soon. Surprisingly, the bigger bunch of this debt is not on mortgages but in cars and college. Speculations have it that this is likely to form a firm ground for debate in the coming elections.
Contrarily to what Americans feel about their economy, Trump reiterates by stating that the economy is strong enough to lift more Americans. This includes the minorities, blue-collar employees and the formerly incarcerated. Nonetheless, Democrats have the perception that there is still room to address the inequality.
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