Mobile Menu - OpenMobile Menu - Closed

GOP Economic Policies Contribute Little to the Paychecks of Most American Families

Sep 26, 2018

Download PDF

The U.S. economy is strong, with a historic bull market and solid economic indicators.  However, many middle- and working-class Americans are benefitting little from the strong economy as their wage gains are being wiped out by inflation.  According to a recent report by the Department of Labor, the cost of living increased by 2.9 percent from July 2017 to July 2018, outstripping a 2.7 percent increase in wages over the same period.  While President Trump and Republicans continue to tout their tax cut’s impact on the economy and claim its supposed benefits for working-class families, the evidence proves otherwise.  The GOP tax cut has helped corporate profits soar and fueled record stock buybacks, mostly benefitting wealthy CEOs and investors.  Nonpartisan analyses continue to show the GOP tax cut mainly benefits the wealthy, does nothing to address working-class wage stagnation, and provides temporary economic growth while adding trillions of dollars to the nation’s debt, threatening our long-term fiscal and economic health.  Many economic indicators also show that current economic trends are a continuation of the economic expansion that began seven years before President Trump took office.  The GOP tax cut did not change the trajectory of economic trends that began well before it became law.

GOP Tax Cut Mostly Benefits the Wealthy

GOP Tax Cut Does Nothing to Address Working-Class Wage Stagnation

GOP Tax Cut’s Growth Effects are Not Sustainable

Positive Economic Trends Started Before President Trump Took Office