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The US Economy Is Not In Good Shape, Democrats Say

Last modified: Sep 29, 2022

As the 2020 presidential elections approach, several debates are taking place and the Trump administration goes under continuous scrutiny. During Thursday’s debate in Los Angeles, the presidential candidates on the Democratic side argued that the US economy isn’t in a good state under Trump. Moreover, they said stock market gains and corporate profits weren’t benefitting most Americans. 

While on the stage at Loyola Marymount University, Joe Biden, former Vice President, stated that the middle class was suffocating and getting killed. Considering this, he and several other leading Democrats were pushing for raising taxes on large firms and wealthy people in order to fairly distribute the State’s wealth. 

Meanwhile, Senator Elizabeth Warren emphasized that the government was only working for well-connected and rich people; she bravely called it pure corruption. Not so surprisingly, most American adults had the same thoughts as Warren. 63% of them believed that the US economic system was in support of powerful people and only 34% said that the system was fair to most Americans. This was based on the poll conducted by Pew Research Center in March. 

Senator Bernie Sanders further discussed the issue regarding the unjust economic system. According to him, three of the wealthiest Americans were richer than the bottom half of US citizens; he also pointed out the fact that there were 500,000 homeless Americans to date. 

Pete Buttigieg, on the other hand, said that people in South Bend, Indiana, don’t assess the economy’s health through stock market gains. Instead, they use their capacity to pay bills as a determinant. He added that the economy’s problem is simple — people aren’t getting paid that well and this is the result of implementing bad policies.   

Tom Steyer, a billionaire and founder of a San Francisco hedge fund, was also at the debate. He claimed that he was the best qualified Democrat to oust Trump considering his wide experience in investing. Steyer said that he could take Trump down and expose him as a failure with regards to handling the nation’s economic system. 

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