{"id":83642,"date":"2025-10-17T04:52:08","date_gmt":"2025-10-17T04:52:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/83642\/"},"modified":"2025-10-17T04:52:08","modified_gmt":"2025-10-17T04:52:08","slug":"why-trumps-economy-is-working-for-some-americans-and-not-others","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/83642\/","title":{"rendered":"Why Trump\u2019s economy is working for some Americans and not others"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Steve Rattner returned to \u201cMorning Joe\u201d<\/a> on Thursday to break down why he believes the United States economy could be entering a K-shaped period,<\/a> marked by uneven economic growth.<\/p>\n

The economic analyst pulled back the curtain to explain why the economy appears to be working well for some but not others. Rattner noted that between 2024 and 2025, the U.S.’s gross domestic product growth had slowed, down about 2% from the previous year \u2014 a bad sign for all Americans.<\/p>\n

However, during that same period, the share of GDP growth linked to AI investment skyrocketed<\/a> from 12% to 31%, which Rattner said has benefited wealthy individuals more than \u201cordinary Americans.\u201d<\/p>\n

The former Treasury Department official then turned to wage growth. \u201cFor the first time in a number of years, people toward the bottom are doing worse than people toward the top,\u201d he said, referencing a chart<\/a> depicting hourly wage growth by wage level since 2009.<\/p>\n

\u201cYou had a whole period going back to 2016 where wages for people in the bottom quartile were rising faster than the rest of the other quartiles further up,\u201d Rattner said. \u201cBut now it\u2019s gone the other way, and so people here in the bottom quartile are seeing their wages only going up by about 3.5% a year, while people [at the top] are seeing them grow by more than 5 to 5.5% a year.\u201d<\/p>\n

\u201cWe\u2019re seeing now rising income inequality for the first time in a number of years,\u201d he added. According to Rattner, the recent stock market gains<\/a> have only worsened that inequality, creating a \u201chuge rise in purchasing power on the part of the very wealthy.\u201d<\/p>\n

The same isn\u2019t true for the average American<\/a>. \u201cThey\u2019re really not buying any more stuff than they were buying four years ago, which means their standard of living isn\u2019t really going up,\u201d he said.<\/p>\n

Rattner also issued a warning about the state of the job market. <\/a>\u201cThe job market is clearly getting rough, and that is unusual when you have an economy that\u2019s still expanding,\u201d he said, pointing to complicating factors such as Donald Trump\u2019s<\/a> tariffs and continued economic uncertainty. He added, \u201cAll those things together have led to a significant, significant slowdown in the jobs market.<\/a>\u201d<\/p>\n

\u201cSo it\u2019s not surprising, when you look at these polls, that you still find huge percentages of Americans who think the economy is getting worse, not better \u2014 who think that we\u2019re on the wrong track, not the right track \u2014 because when you look at the average, ordinary, everyday Americans, they are simply not better off at the moment,\u201d he said.<\/p>\n

You can watch Rattner\u2019s full breakdown in the clip at the top of the page.<\/p>\n","protected":false},"excerpt":{"rendered":"Steve Rattner returned to \u201cMorning Joe\u201d on Thursday to break down why he believes the United States economy…\n","protected":false},"author":2,"featured_media":83643,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-83642","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/83642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=83642"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/83642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/83643"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=83642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=83642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=83642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}