A rebounding economy

Heather Cox Richardson’s July 10 “Letter from an American” is a quick, helpful, encouraging interpretation of where we are today economically. She cites some important data, such as: “There are 880,000 more jobs in business, computer design, administration, and research than there were in February 2020. There are 260,000 more jobs in outpatient health care now than in February 2020, but hospitals have lost 57,000 workers, and nursing and residential care have lost 379,000. … transportation and warehousing have grown fast, with 759,000 more jobs than in February 2020. Manufacturing is back to where it was in February 2020 ….”

Cox Richardson cites a 31-part Twitter thread by Thom Hartmann that’s a helpful counter to conventional wisdom. He says the 40 years after World War 2 were years of rapid US economic growth, a time when the highest individual tax rate was 97% and the highest corporate rate was 50%. But, in the most recent four decades, over $50 trillion was transferred from the bottom 90% to the top 1%.

Cox Richardson offers this context: “…historians will tell you that in the U.S., race and gender tensions are significantly lower when income and wealth are more evenly distributed than when a few people at the top of the economic ladder control most of the nation’s capital. The rise of lynching in the U.S. in the late 1880s, just as trusts came to monopolize the economy, was not a coincidence.”

From “The US Is Nowhere Near a Recession,” by Ben Winck, Juliana Kaplan, and Madison Hoff, Business Insider, July 9, 2022

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