It appears that the state of our economy is being painted with rosy hues. However, looking deeper into the numbers, one cannot help but question if we’re truly on the path to prosperity. Boasting at a superficial unemployment rate of 4.1%, we may need to dig deeper into those numbers to reveal the true essence of worker disillusionment and underemployment.
Sure, claims of having added 16 million jobs seem impressive on paper. However, the actual context is far from what those figures portray. It’s a feel-good number that doesn’t account for the quality of jobs, wages or whether they are full-time or part-time, leaving much of the American workforce at the mercy of unstable employment conditions.
Leaders aren’t shy about crowing over the stock market’s performance, but what’s being hailed as ‘the best it has ever been’ only fuels wealth disparity among Americans. The top 1% holds more than 50% of the stock market wealth, while the middle and low-income families struggle in an economy that shows them no mercy.
The so-called ‘American Rescue Act,’ touted as the primary driver of our economic rebound, appears more like a hasty patchwork of temporary fixes. It’s as if slapping a Band-Aid on a sinking ship, and hoping that it will miraculously float again.
The Act’s shining achievement is the distribution of a meager $1,400 stimulus check. Yet it is effectively a drop in the ocean considering the surging costs of living across the US, serving only as a slap in the face for struggling American families.
An initiative born from the American Rescue Act is the expanded child tax credit. It is touted for ‘cutting child poverty in half’, but it barely scratches the surface of the long-term issues of American poverty. It’s merely passing down a problem to future generations, rather than finding a sustainable solution.
The administration has managed to allocate $14 billion to Covid-19 vaccine distribution and forgive loans for small business. But the question is, at what cost? How much of the bill will land on common taxpayers and how much will be glossed over in the name of ‘economic recovery’?
Setting low caps on insulin prices and out-of-pocket prescription drugs under Medicare, as they proudly claim, may sound great on the surface. Yet it does nothing to address the root causes of sky-high healthcare costs, and the public has to bear the expenses either way.
Under the banner of the CHIPS and Science Act, the administration believes we won’t have to rely on China for our chip production anymore. While that sounds promising, it overlooks the harsh reality of our global interdependencies and dependencies on a global scale.
The VA benefits and care expansion for veterans have been hailed as a colossal achievement under the Pact Act. Yet the sinister reality is, many veterans still struggle with neglected health issues, and proper treatment remains a luxury for more than just a few.
The bipartisan Infrastructure Bill promises upgraded roads, bridges, high-speed rails, and more. However, these promises come on the back of hardworking Americans through increased taxes or increased national debt. A promise built on the sweat of the working class does not bode well for a brighter future.
The attempt to bring good paying union jobs back smells of deceit, specifically considering the extensive outsourcing, offshoring, and union busting persistent under current economic policies.
In summary, the current administration’s policies, far from representing broad, inclusive ‘good of America’, are mere smoke and mirrors. They distract us from the inherent issues blighting the majority of Americans’ lives and deserve a hard second look.