TRUMP BRAGS ABOUT ECONOMY WITH FALSE CLAIMS: BUSINESS INSIDER
President Donald Trump ushered in the Republican National Convention with effusive praise for his economic record, but statistics do not support his hype, Joseph Zeballos-Roig wrote for Business Insideron August 25, 2020.
"There's never been three months when we've put more people to work. We're just about ready to break the all-time stock market record," Trump said at the RNC. But four economic statistics illustrate an increasing level of hardship among many Americans that sharply diverges from the president's version of events. Millions of Americans are unemployed and a growing share say they didn't eat enough. Many also face the prospect of evictions.
Four jarring statistics illustrate the divide between the president's version of events and an economic downturn that could still worsen in the coming months: Many Americans are still out of work: Over 28 million people are collecting unemployment benefits and the number of claims ticked up on Thursday to 1.1 million after dropping for two consecutive weeks.
More people report going hungry: Around 29 million adults (12.1% of all US adults) reported their households sometimes or often didn't have enough to eat in the past week, according to the Center on Budget and Policy Priorities. It's as of July 21, the latest figures available. Renters are coming up against the threat of evictions: Around 15 million renters are falling behind on their rent payments, the CBPP analysis said. The rates are almost double for both Black and Latino renters compared to white ones. Most furloughed workers believe they've permanently lost their jobs: A growing share of workers temporarily laid off due to the pandemic say they're either not expecting to return or are definitely not returning to their past jobs, according to a Goldman Sachs analysis. The Internal Revenue Service also projected on Thursday there would be 37.2 million fewer jobs in 2021 due to the pandemic.