The latest issue of In These Times is a special, extra-length issue devoted entirely to the subject of socialism in America today. This special issue is available now. Order your copy today.
Last week, the Congressional Research Service (CRS), a nonpartisan branch of the Library of Congress, delivered its preliminary report on the far-reaching tax plan signed by President Donald Trump in December 2017. And despite Trump’s frequent suggestions that his tax plan has led to the “Best Economy & Jobs EVER,” the CRS analysis indicates that the law has had limited overall impact — and delivered its benefits almost entirely to corporations and the rich. These findings are yet another example of how Trump’s bold economic claims belie the myriad challenges facing Americans. This month, In These Times collected 10 statistics that present a sobering vantage on American wealth since the Great Recession, revealing a nation defined by worsening inequality, stagnating wages and uneven economic development rather than universal prosperity.
- 18.82% - Increase in gross domestic product (GDP) between 2007 and 2018
- 43.16% - Increase in corporate profits after taxes from 2007 to 2018, adjusted for inflation
- 65.97% - Increase in ratio of CEO-to-worker compensation from 2007 to 2017, adjusted for inflation
- 29.2% - Increase in productivity from 2007 to 2017
- 2.93% - Decline in how much of GDP workers took home between 2007 and 2017
- 13.3% - Hourly pay increase from 2007 to 2017
- $28 - Bonus from the 2017 Tax Cut and Jobs Act for each American worker, according to recent analysis by the CRS
- 53% - Taxpayers who will pay more in taxes by 2027, due to the 2017 Tax Cuts and Jobs Act
- 3.1% - Decrease in civilian labor participation between 2007 and 2018
- 43% - College graduates who reported being underemployed in their first job, as of 2018
- 76% - Counties in the United States that had fewer small businesses in 2016 than they did in 2007
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