Economic prosperity

Dear Editor,

I found the op-ed by Mr. Nace in the November 21, 2018 edition of the TMO both intriguing and disingenuous — aka. a partial truth. Without a doubt, there is much good economic news across America, especially for the top 10% of holders of wealth. Clearly, unemployment levels reflect positive economic expansion. Just as clearly, that did not start on January 2017 but was built on several years of Obama-led economic recovery. Obviously, the stock market has reacted to the tax break stimulus for the richest among us — at least until the last 60 days when all of the “Trump” gains of 2018 have disappeared. And yes, more people are working but I could not help noticing the graph on page A6 of the same edition demonstrating the tepid growth of hourly earnings from 2010 to the present. After the Great Recession, and through 2017, wage growth hovered at a measly 2% annually. 2018 may be “breakout” year when wage growth approaches 3%! Such growth rates barely maintain status quo with inflation for the vast majority of wage-earners. In simple words, the wage-earner is not sharing in the “Trump” economic prosperity, at least not to the degree described by the Executive Vice President at Wickersham. The tax cut stimulus must have been very welcome to that top 10%; it is less beneficial to wage-earners in rural western Pennsylvania. And the Executive Vice Presidents of corporate America certainly welcomed the rollback of regulations. Wage-earners realize there is a price to pay for those rollbacks – a price paid by our children, grandchildren, etc. in dirtier air and water, a degraded environment, accelerated climate change and a more polluted planet. That is the whole truth.

Gregory Fraser,