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Thread: No cushion for the Trump recession: Why this one could be worse than 2008

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    Default No cushion for the Trump recession: Why this one could be worse than 2008

    Even a mild downturn could hit Americans harder — the "recovery" from 2008 left too many people on the margins

    As the corporate media bangs the drum of imminent recession, we need to take a look at how tens of millions of American households that live paycheck to paycheck are situated for another choreographed downturn.

    It will tell you all you need to know about the predatory nature of late-stage vulture capitalism, over which Donald Trump presides as its orange mascot. What jumps out when you look at the data is just how phony the “longest recovery” has been — the one for which Joe Biden wants to take a victory lap.

    Lost ground

    The stark reality is that in the last decade or so the rich have gotten richer as the rest of the country has sunk deeper and deeper into debt, with little to show for it except rent receipts.

    As we head into the next downturn, whenever it happens, tens of millions of American families are hanging on the edge of economic oblivion. Thanks to the Trump tax cut, their government will be too much in debt to throw them a lifeline.

    The $20 trillion in lost American household wealth that came from the unprosecuted theft of household wealth during Wall Street's Great Foreclosure caper had generational consequences that linger and still define many lives today.

    https://www.salon.com/2019/08/25/no-...rse-than-2008/





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    Default

    I have said all along we need to use the strong economy to reduce the deficit.

    Since we didn't do that the government is less able to step in and help the next time a recession rolls around.

    Those 'recovery rainy day savings' have been squandered to make the rich richer, as Trump told his Mar-A-Lago members they: 'just got a lot richer.'
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