The Trump tax act delivered big benefits to the rich and corporations but nearly none for working families

From the EPI

Despite the Trump administration’s claims of success, the Tax Cuts and Jobs Act (TCJA) did not increase wages for working people, failed to spur business investment, decreased corporate tax revenues, and boosted stock buybacks in its wake. Stock buybacks rose more than 50% to $560 billion in 2018—and look on-pace to hit $500 billion again in 2019. Meanwhile, there was no uptick in business investment in 2018 and significant declines in the six months of available data in 2019. Additionally, CBO estimates show that corporate tax revenue has declined more than originally anticipated. While real (inflation-adjusted) wage growth accelerated in 2018 relative to 2017, similar one-year accelerations have been seen in recent years. Further, wage growth in 2019 has decisively decelerated. Other influences pushing up wage growth in 2018—tight labor markets and higher state-level minimum wages—can fully explain the mild pickup in wage growth for that year.

To read the report, click here.

Posted In: Allied Approaches

Union Matters

Failing Bridges Hold Public Hostage

From the USW

From tumbledown bridges to decrepit roads and failing water systems, crumbling infrastructure undermines America’s safety and prosperity. In coming weeks, Union Matters will delve into this neglect and the urgent need for a rebuilding campaign that creates jobs, fuels economic growth and revitalizes communities.

The Seattle Department of Transportation (SDOT) gave the public just a few hours’ notice before closing a major bridge in March, citing significant safety concerns.

The West Seattle Bridge functioned as an essential component of  the city’s local and regional transportation network, carrying 125,000 travelers a day while serving Seattle’s critical maritime and freight industries. Closing it was a huge blow to the city and its citizens. 

Yet neither Seattle’s struggle with bridge maintenance nor the inconvenience now facing the city’s motorists is unusual. Decades of neglect left bridges across the country crumbling or near collapse, requiring a massive investment to keep traffic flowing safely.

When they opened it in 1984, officials predicted the West Seattle Bridge would last 75 years.

But in 2013, cracks started appearing in the center span’s box girders, the main horizontal support beams below the roadway. These cracks spread 2 feet in a little more than two weeks, prompting the bridge’s closure.

And it’s still at risk of falling.  

The city set up an emergency alert system so those in the “fall zone” could be quickly evacuated if the bridge deteriorates to the point of collapse.

More than one-third of U.S. bridges similarly need repair work or replacement, a reminder of America’s urgent need to invest in long-ignored infrastructure.

Fixing or replacing America’s bridges wouldn’t just keep Americans moving. It would also provide millions of family-supporting jobs for steel and cement workers, while also boosting the building trades and other industries.

With bridges across the country close to failure and millions unemployed, America needs a major infrastructure campaign now more than ever.

 

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There is Dignity in All Work

There is Dignity in All Work