Trump's SOTU sleight-of-hand disappears the growing wealth Pyramid

[applegrove]

Trump's SOTU sleight-of-hand disappears the growing wealth Pyramid

https://www.salon.com/2019/02/10/trumps-sotu-sleight-of-hand-disappears-the-growing-wealth-pyramid/

By Bob Hennelly at Salon

"SNIP.....


As Richard Wolff, professor of economics at the New School, pointed out, Trump’s assertion of U.S. global economic preeminence ignores the reality that for many years now China has been growing exponentially faster than the United States. The U.S. has struggled mightily to expand at all, even as the richest got an increasingly larger share of the nation’s wealth.

Hmm, could there be a connection between our increasingly extreme wealth concentration and sluggish broad-based economic growth? 

"Over the last twenty years the U.S. has had a hard time achieving economic growth . . . and even though it is averaging two-and-a-half to three percent, part of the time . . . to say that it’s the best in the world, that’s just a lie,” Wolff says. “Let me give you just one example, the People’s Republic of China. They’re having a bad year . . . ready . . . six-and-a-half percent, which is lower than they have been able to do for most of the last 15 to 20 years.”

And what, you might wonder, were wages doing for workers all that time of major growth in China? “The real wages of Chinese workers, the average amount of money they got adjusted for inflation, has quadrupled in the last 12 to 15 years,” says Wolff.  “What happened to the average wage in America, adjusted for inflation? It hardly budged. It went up single digits, not three to four times.”



.....SNIP"

[Aussie105]

1. Well done China!

China is a global economic powerhouse with growth other countries are jealous of.

Just goes to show what can be achieved if everyone works together for the common good.

America might want to look more at that, rather than internal faction fighting, the 'us vs them' mentality, the blame shifting - and instead look at the efficiency of government in running the country.

Does China have a gun problem? Does China have a public health system problem? Asking for a friend . . .

[Ferrets are Cool]

2. And THIS is what America owes to the rest of the world...

China has the greatest amount of U.S. debt held by a foreign country. Japan comes second at $1.018 trillion, followed by Brazil at $314 billion. Ireland holds $287 billion, and the United Kingdom owns $264 billion.