The national debt has passed a new milestone, topping $22 trillion for the first time.
The national debt stood at $19.95 trillion when President Trump took office just 2 years ago. The debt figure has been rising at a faster pace following passage of Trump's $1.5 billion tax cut and action by Congress to increase spending on domestic and military programs. Uncle Sam is now taking in less money than it pays out. In November we paid out nearly $205 billion more than we took in.
While the economy has been growing over the past decade most younger Americans have not benefitted. In 2017 people between 25 and 34 actually earned less than the same age group in 2000. Since that year median net worth has fallen for every age group under 55. Major employers used the tax cut to reward shareholders and hoard cash while young people are struggling to find jobs that pay well. Just 4% of employers had increased hiring and only 10% boosted investment in factories and equipment.
Around 60% of America's wealth is now inherited. As rich boomers expire over the next three decades nearly $30 trillion will go to their children. By then almost all of the nation's wealth will be in the hands of a few thousand non-working families; while Americans will be working harder but getting nowhere and have less security than ever.
We must wrest control of our government from powerful corporations and wealthy capitalists by electing only those who commit to ending the miserable economic inequality that is growing in our country. Most Americans need a bigger piece of the economic pie and a thicker safety net. We need to return to a government for the working people not the wealthy people.