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In a few months, millions of Americans will choose their health insurance for next year. As they make their decisions, rising premiums—driven by sabotage from Congressional Republicans and the Trump administration—may put health care out of reach for many working families.
As another school year begins, college students across the nation will invest in their educations and apply for student loans. Recent numbers put total U.S. student debt at an all-time high of more than $1.5 trillion, debt that has more than doubled in the last decade and now surpasses credit card debt. But unlike credit card debt, student loan debt is nearly impossible to discharge in bankruptcy. Instead of taking action to address this growing crisis, the Trump administration has undermined student borrower protections at every turn.
Corporate profits have grown substantially faster than employee compensation in recent decades. While the two measures tracked closely for most of the 20th century, workers have shared less of the gains more recently. Since 2000, employee compensation has increased 28 percent after inflation and corporate profits have increased 107 percent. Compounding this problem for many families, the gap between top earners and the average worker at corporations has also grown. In 1965, a CEO at one of the largest 350 companies in America made 20 times as much as the average worker in their industry. Today CEOs at the largest 350 firms average 312 times more, earning an average of nearly $19 million last year.
Last year, the United States reported the first increase in homelessness in seven years. More than 550,000 people were estimated to be homeless on a single night, including more than 40,000 veterans and over 40,000 young people.
The average hourly wage for production and nonsupervisory workers—our best measure of the median workers’ take home pay—was lower in July 2018 than it was in July 2017, after adjusting for inflation. This is the third straight month of year-to-year declines in real wages. Seven months since the Republican tax law took effect, it’s not clear how much longer American workers are supposed to wait before they see the raises President Trump promised them.
Although the U.S. economy overall continues its expansion following the Great Recession and associated financial crisis, the recovery can look very different from state to state. The lion’s share of economic gains are not only concentrated at the top of the income and wealth distribution, but also in a small share of regions. While some parts of the country have surged ahead, millions of Americans in urban and rural communities are still waiting for their wages to start rising again and struggling to make ends meet.
New rules from the Trump administration are expected to allow states to weaken protections that prevent insurers from discriminating based on pre-existing conditions. This would potentially expose half of nonelderly Americans, 133 million in total, to denial of coverage or unaffordable premiums because of pre-existing conditions. This would affect Americans of all ages, including 17 million children, although it would disproportionately impact older Americans, who often suffer from more chronic health issues.