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‘We got side-tracked by really bad economic policy’: Moody’s analyst reveals how Trump’s economy is a flop

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President Donald Trump. (Image via Nicholas Kamm/AFP.)

As Americans head into another holiday season it appears the economic situation isn’t better for the vast majority.

An MSNBC report from Chris Hayes took a deeper dive into economic numbers, showing the difficulties people are facing. The Peterson Foundation revealed in a late October poll that only 35 percent of Americans believe they are better off than before. A full 33 percent say they’re the same and 31 percent said they are worse off. That is an astounding two-thirds of Americans who aren’t benefitting in President Donald Trump’s economy.

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Hayes noted that given the economic successes, most Americans should be doing exceptionally well. Former Department of Labor chief economist Betsey Stevenson warned of rising economic inequality ushing in tremendous successes for the top percent of wage earners, but it isn’t trickling down to middle-class families. She noted that in 2018 there was evidence of a slow-down in wage growth compared to what was seen between 2013 and 2017.

“That wage growth — median wages in some parts of the country didn’t move at all last year,” Stevenson explained. While wages aren’t growing, the list of uninsured Americans is growing along with higher costs.

“So, the last couple of years, the number of people without insurance has been increasing, childcare costs are rising,” she continued. “We see a strong economy where people aren’t having children. It’s very unusual to see the birth rate decline and that’s what we’re seeing.

Moody’s Analytics Chief Economist Mark Zandi leans more conservative in his economic opinions, but while Stevenson was talking about the state of the economy, he was nodding his head. He explained that 40 percent of American households don’t have enough cash to cover an emergency. An emergency, under the Federal Reserve’s definition, is something that costs over $400.

“So I think that makes the point very strongly that despite the headline good economic news, it really has not filtered down yet to many, many working-class Americans,” Zandi said.

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Stevenson explained that there is a greater demand for workers but it isn’t translating to a demand for better wages or working conditions.

“That link that gives workers more bargaining power seems to be broken,” she continued.

“We were nearly there — we just got side-tracked by really bad economic policy,” Zandi said of Trump’s economics.

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2020 Election

Trump supporter accused of voter fraud invited to apply for a pardon — in gratitude for proving ‘how hard voter fraud is’

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On Wednesday, writing on Twitter, Pennsylvania Lt. Gov. John Fetterman invited a Trump supporter accused of voter fraud to apply for a pardon if convicted — in thanks for showing Pennsylvania voters, and Republicans around the country, how difficult it is to commit voter fraud.

The case centers on a man in Forty Fort, Luzerne County, who allegedly filled out an absentee ballot application for his deceased mother with the intention of casting a second ballot for President Donald Trump, in her name. He faces up to 10 years in prison if found guilty.

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2020 Election

Georgia GOP secretary of state: Trump ‘threw my family under the bus’ even though we voted for him

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Brad Raffensperger, the Republican secretary of state in Georgia, has written an angry editorial for USA Today in which he details the harassment he and his family have been subjected to because he followed the law and certified President-elect Joe Biden's victory.

Raffensperger starts out his editorial by praising the Peach State for holding a free and fair election under difficult circumstances stemming from the novel coronavirus pandemic.

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‘The election wasn’t stolen — he blew it’: Michigan Republican says Trump ‘did everything possible to lose’

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President Donald Trump insists the election was stolen from him in Michigan, but Republicans there haven't been willing to indulge his fantasy.

The president has zeroed in on the state, which he narrowly won in 2016, in his effort to overturn his election loss to Joe Biden by claiming widespread fraud and pressuring legislators to overrule the will of the voters, but few Republicans are buying in, reported Politico.

“We must not attempt to exercise power we simply don’t have,” said Aaron Van Langevelde, who sits on Michigan’s board of state canvassers, which was statutorily obligated to certify the election win by Joe Biden. “As John Adams once said, 'We are a government of laws, not men.' This board needs to adhere to that principle here today. This board must do its part to uphold the rule of law and comply with our legal duty to certify this election.”

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