“Our economy is the envy of the world, and we’re going to keep it that way. So that’s very important,” the president said. Donald trump at December 7 from the South Lawn of the White House. Trump has said he must thank this strong economy, which is one of the main thrusts of his 2020 re-election campaign.
If Democratic presidential candidate Andrew Yang were to debate Trump on the economy, Yang said he would highlight the toxicity of the environment in which the the economy is booming.
“I would just like to tell Americans the facts they already know; that you currently have record levels of corporate profits, but also record highs in the United States of America: stress, anxiety, mental illness, depression, even suicides and drug overdoses. Student loan debt, record high, ”Yang told the Freakonomics podcast in an episode released Wednesday.
“And so you have to ask yourself,” Yang said. “What good are corporate profits if people literally die sooner from increases in suicide and drug overdoses? “
Corporate profits are near record highs. The National Income and Product Accounts (NIPA), prepared by the Bureau of Economic Analysis (BEA), show that corporate profits are slightly below record impacted in the third quarter of 2014. And the profits of companies in the S&P 500 (weighted by their market capitalization and measured by the rating agency Standard and Poor’s) show that at the end of the second quarter, the earnings per share of the index were $ 40.14. The record was $ 41.38, reached in the third quarter of 2018.
As for the other side of the coin, there is a record $ 1.6 trillion in outstanding student loan debt in the USA.
The rate of mental illness among American adults is at the highest level it has been in the past decade, if only slightly, according to the US Department of Health and Human Services. And according to the Center for Disease Control and Prevention, suicide rates have been slightly increasing trend and the rate of drug overdose death has increased sharply in recent decades.
All of this shows that high corporate profits don’t translate into a happy country, Yang says.
“When I campaign across the country, I can’t tell you how many heads are nodding when I talk about the fact that their lived experience has nothing to do with corporate profits, the overall unemployment rate or the GDP, ”Yang told Freakonomics.
Part of Yang’s solution to this problem is his most well-known platform: give people free money.
The entrepreneur and tech executive focused his campaign primarily on giving every US citizen over the age of 18 in the US $ 1,000 a month.