Opinion: The 'best economy' ever isn’t working for working people
By Katrina vanden Heuvel Katrina vanden Heuvel Columnist covering national politics, progressive politics and movements, and foreign policy Bio Follow Columnist April 2 at 8:08 AM Federal Reserve Chair Jerome H. Powell says that the the “growth of economic activity has slowed.” The usually optimistic International Monetary Fund projects U.S. economic growth will drop to 1.
And while incomes have stagnated, key costs have soared. Health care remains remarkably expensive; millions go without insurance or are underinsured. Gallup reports that since Trump took office, the number of Americans without health insurance has increased by a stunning 7 million. Female, younger and lower-income workers have seen a greater decline than those who are male, older and/or wealthier. Life expectancy has declined for the third year in a row.
Our retirement crisis grows worse as well: 45 percent of Americans report that they have zero savings for retirement. A similar amount, not surprisingly, expects to be financially insecure when elderly. Companies continue to eliminate pension plans. Most small businesses don’t even offer 401 plans.
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