The Commerce Department said this week that despite two years of America First-ism, the U.S. merchandise trade deficit is getting worse rather than better.After all the fuss about the tax cuts, it turns out that corporations benefited, not workers. And while joblessness is at an all-time low, the economy turns out to be churning out many more jobs at the bottom end of the skills market than middle-class jobs. Wages still lag, city centers are still rotting, infrastructure projects are still crumbling, public housing is still in trouble. Oh and then there is this massive debt resulting from unpaid for tax cuts. At the border, the Trump protectionist approach appears to be not working, as the monthly immigration numbers attest.
Unemployment numbers are misleading as an indicator of how the economy is doing for all of us.