Between continuity and rupture
The U.S. economy in the Trump era and the Corona crisis
DOI:
https://doi.org/10.32387/prokla.v51i203.1938Keywords:
USA, Trump, Covid-19, US-economyAbstract
The US economic expansion which began in 2009 was unusually prolonged but relatively weak. After Trump took office there was a minor recovery in investment but the proceeds of major tax cuts were overwhelmingly used to finance pay outs to share owners. Unemployment fell steadily from 2010 but with a shift towards lower paid jobs. The impact of the Covid-19 epidemic was partly cushioned by huge government spending programmes, but unemployment among less skilled workers increased strongly, while the massive monetary response led to an unprecedented bonanza for the rich. The Biden government’s first major initiative extended unemployment benefits and promoted a national response to the health emergency, but failed to secure an increase in the national minimum wage to $15 an hour.
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