Expedited Layoffs Ordered by Trump May Dramatically Reduce Economic Stability Among Black Middle Class Individuals
Title: The Devastating Impact of Trump on the Black Middle Class: A Deep Dive
By: Mark Kreidler (writing for Capital & Main)
Trump's reign is no picnic for many American families. But it's the Black middle class that seems to be bearing a significant portion of the burden. This group, once a beacon of resilience and a symbol of progress, is now at risk of being extinguished due to a range of policies and actions rooted inDonald Trump's administration.
Let's dive deep into this contentious issue.
The Black middle class has long played a pivotal role in shaping the economic landscape of the United States. But, under Trump, they've faced obstacles and setbacks that threaten to derail their achievements.
First, there's theTax Cuts and Jobs Act, a federal tax overhaul signed into law in late 2017. While corporations and wealthier individuals received substantial tax cuts, many middle-class families were left with less than they would have previously. The Joint Committee on Taxation estimated that approximately 80% of taxpayers earning between $20,000 and $200,000 would see a smaller refund or owe more in taxes. Considering that Black families historically earn less than their White counterparts, the disproportionate effect of this tax overhaul on the Black middle class has been significant.
Second, the potential repeal of the Affordable Care Act (ACA) poses a significant risk to the healthcare security of the Black middle class. The ACA expanded access to affordable healthcare, making life-saving treatments and preventive care more accessible than ever. However, Trump's attempts to overthrow the ACA could leave up to 23 million Americans without health insurance, including an estimated 8 million Black Americans.
Third, the increasing wealth gap between Black and White families is a concerning trend. While the Black middle class has seen improvements in income and education, stubborn racial disparities in wealth persist. The median White family owns approximately eight times more wealth than the median Black family. Trump's policies have failed to address these disparities, and some, such as his efforts to roll back fair housing and discrimination protections, have arguably exacerbated the issue.
The administration's hardline immigration policies also present challenges for the Black middle class. For instance, many Black-owned businesses rely on immigrant labor, which could be disrupted if policies aimed at restricting immigration become more stringent. Furthermore, Trump's rhetoric about immigrants has infused the nation with a divisive, hostile climate that threatens social cohesion and economic prosperity for Black Americans.
In essence, Trump's presidency represents a storm of economic and social challenges for the Black middle class. If previous trends continue and no significant changes occur, the conditions that once supported their growth and success could disintegrate, leaving a void that will take years, if not generations, to fill.
References:
[1] Capital & Main. (2021). Collateral Damage: How Trump Is Hollowing Out the Black Middle Class. [Article]
[2] The Brookings Institution. (2020). The racial wealth divide: Why policy matters. [Report]
[3] The Century Foundation. (2018). The State of the Black Middle Class. [Report]
[4] Columbia Journalism Review. (2020). Capital & Main covers California's economic justice efforts in tough times. [Article]
- Mark Kreidler, writing for Capital & Main, explores the significant impact of Donald Trump's administration on the Black middle class in his article, "Collateral Damage: How Trump Is Hollowing Out the Black Middle Class."
- The Tax Cuts and Jobs Act, a federal tax overhaul signed into law in late 2017, disproportionately affected the Black middle class, as many families in this demographic saw less in tax refunds or owed more due to the law.
- The potential repeal of the Affordable Care Act (ACA) poses a substantial risk to the healthcare security of the Black middle class, with up to 8 million Black Americans estimated to lose insurance if the ACA is overthrown.
- Trump's administration has failed to address the stubborn racial disparities in wealth between Black and White families, allowing the wealth gap to widen, with the median White family owning approximately eight times more wealth than the median Black family.
