It’s not hard to see why: the jobs report showed a further decline in job creation, and manufacturing contracted for the first time in three years and is statistically in a numerical threshold that indicates the economy is shrinking. In addition, small business confidence is at a near seven-year low and consumer confidence is at an all time low during Trump’s presidency.
But that’s not all — financial analysts have found families will pay $460-$1000 extra for goods and services due to the trade war. Furthermore, farmers are facing the highest delinquency rate on their loan payments since 2001. That problem is compounded by stagnant wages and rising health care and prescription drug costs.
“President Trump’s failing economy is built on the numerous broken promises he made to hardworking Wisconsinites,” DPW Chair Ben Wikler said. “His tax-scam bill has done nothing for Main Street; it’s failed to improve wages or bring back the jobs he promised it would. And his chaotic trade war is further hamstringing our economy as he continues to bring us closer to the brink of an economic recession.
“Trump can bluster all he wants about the economy, but everyday people can feel firsthand that his policies are not working for them. Their paychecks are stagnant while their health care and prescription drug costs continue to rise. And If we think things are going the wrong way now, just wait until he tries again to repeal the Affordable Care Act and pay for his tax-scam bill by slashing Medicare, Medicaid, and Social Security funding. Trump has failed at every turn to deliver on his promises to Wisconsinites, and we can’t afford another four years of his policies. ” Wikler concluded.
- The manufacturing industry contracted for the first time during Trump’s presidency
- Small business confidence fell to the lowest level since 2012.
- Consumer confidence fell the most in six years, and is now at the lowest level of Trump’s presidency.
- Construction spending fell to a seven-month low.
- Real average hourly and weekly earnings for all workers and for production and nonsupervisory workers declined for the month of July.
- The delinquency rate for Wisconsin farm loans hit its highest point since 2001.