Wednesday, October 24, 2018

Real middle class wages went down after tax scam

If you're middle class your wages actually went down when factored with inflation. So once again you've been betrayed by Dumpler and the Repugnantans. But someone benefited. Guess who?

"As the U.S. Labor Department reported, between the second quarter of 2017 and the second quarter of 2018, the real wages of American workers actually declined. Indeed, the second quarter of 2018 was the third straight quarter―all during the Trump administration―when inflation outpaced wage growth. The last time wages grew substantially above inflation was in 2016, during the Obama administration. Consequently, by August 2018, as the Pew Research Center reported, the purchasing power of American workers’ wages was at the same level as in 1978. Why did the Republican promises go unfulfilled? A key reason for stagnating wages lies in the fact that U.S. corporations used their windfall derived from the slashing of the corporate tax rate from 35 to 21 percent under the 2017 GOP tax legislation to engage in stock buybacks ."

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