Donald Trump tweet claiming good Walmart numbers mean a strong economy

Donald Trump Is Right About Walmart, But Not In The Way He Thinks

Donald Trump has been frantically tweeting to try and prove that the U.S. economy is just fine after the DOW dropped 800 points this week in response to the news of new tariffs against China. Even worse, economists reported that a key line has been crossed that has reportedly been a sign of an imminent recession, which resulted in #TrumpRecession trending on Wednesday.

Trump tweeted repeatedly insisting that the U.S. economy is strong, even going so far as to say that if it does crash, it’s the fault of the “fake news media” who will definitely deliberately tank the economy just to blame it on him.

Today, the president pointed to Walmart’s earnings as a sign the U.S. economy is doing great!

Trump is right that Walmart is a great indicator for how the U.S. economy is doing—just not in the way he means it.

Walmart—with its underpaid workforce, profit-vacuuming family ownership, and reliance on cheaply made foreign goods—is a microcosm of the U.S. economy and the poster child of wealth inequality.

commondreams.org

The six members of the Walton family hold more wealth than the bottom 40 percent of Americans, according to reports.

Since then, the Waltons have gotten increasingly richer, earning four million dollars in the same amount of time it takes their lowest-paid employees to make $11. As any economist will tell you, massive wealth inequality is bad for an economy.

Not only that, the Walton costs average U.S. taxpayers a total of $6.2 billion every year in public assistance for their underpaid employees, who often have to rely on food stamps and other forms of public assistance to get by.

When people have so little money that they can’t even afford to buy food on their own, that’s bad for the economy.

It’s also been found that obscenely wealthy people like the Waltons tend to hoard their money in offshore accounts rather than feeding it back into the economy the way underpaid workers do when their wages are raised. In 2015, it was found that Walmart is keeping $76 billion locked away in undisclosed tax havens.

Although Walmart made a big deal about recently raising its minimum wage to $11 per hour, at the same time, they’ve announced that they will be handing $20 billion to shareholders over two years.

Vox

With that money, they could increase their company minimum wage to $16.66 per hour. Instead, they’d rather continue catering to shareholders, increasing their ridiculous wealth while $11 per hour at 40 hours per week is not enough to afford an average apartment in many areas of the country.

Trump is measuring the U.S. economy by how much richer the richest 1% of Americans are getting. So when you hear “Walmart is doing great,” it’s best to read that as “The Walton family is doing great.” Walmart workers—along with the rest of the country—are still getting screwed.