Delve into the grim reality of job losses, with 1.3 million Americans affected. Discover why more seniors are considering returning to work due to financial pressures. Explore the rising inflation and its hit on low-income households. Get insights on a bold tax cut proposal aiming to return $10.5 trillion to taxpayers. Finally, challenge the media's narrative on tax cuts as costs rather than income increases. Tune in for a fascinating examination of economic policies and their real-life implications!
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Quick takeaways
The loss of 1.3 million jobs for Native-born Americans highlights a troubling reliance on foreign-born workers amidst a changing job market.
Financial pressures force many middle-class Americans to work into their 80s, revealing inadequate retirement savings and rising living costs.
Deep dives
The Impact of Foreign-Born Workers on Employment
The significant drop in employment among Native-born Americans, with a reported loss of 1.3 million jobs over the past year, highlights the increasing reliance on foreign-born workers. During the same period, foreign-born employment saw a gain of 1.2 million, leading to concerns over the so-called 'great replacement' of American workers. The data reveals that since the pandemic began, 3 million jobs were created for foreign-born individuals, many of whom are undocumented, while native workers lost 1.4 million jobs. This unprecedented shift raises questions about the evolving job market and the implications for the American workforce, as the economy struggles to expand opportunities for citizens amid growing competition from non-citizens.
The Financial Struggles of the Middle Class
Middle-class Americans face mounting financial pressures, with many compelled to work beyond the traditional retirement age of 65 due to insufficient savings. Surveys indicate that as many as 50% of middle-class workers anticipate continuing employment well into their 80s, driven by inadequate retirement funds, with median retirement savings reported at only $66,000. This alarming trend is exacerbated by higher costs of living and stagnant wage growth, prompting many retirees to consider returning to work to maintain financial stability. The economic landscape since 2000 has shifted, leading to a significant decline in annual growth rates, culminating in a financial environment where working well into old age has become normalized for many households.
Inflation's Disproportionate Effects on Households
The inflation experienced under the current administration has disproportionately affected lower and middle-class households, as rising costs hit those earning under $300,000 the hardest. Prices for essential items have surged, leaving families scrambling for affordable alternatives while coping with inadequate income and rising expenses. The Cantillon Effect illustrates how monetary policy redistributes wealth in a manner that benefits the affluent, thus exacerbating economic inequality. As food costs and other expenditures increase, solutions such as balancing the budget and reforming monetary policies have been proposed to address these challenges and promote fiscal responsibility within the government.
Weekly Roundup of the week's top stories on Economics and Freedom.
- 1.3 Million Jobs Lost - Americans Working until 80 - Media: Let them Eat Inflation - The Administrative State is Unraveling - Why the Left Fears Tax Cuts
Read the full article “Why the Left Fears Tax Cuts" with charts and all the gory details at www.profstonge.com.