Why Do Over Half of Men Polled Approve of Donald Trump's Handling of the Economy?

I heard on the news this morning, the 75th Anniversary of the end of World War II, that although Donald Trump’s poll numbers are relatively dismal, just over 50% of men approve of his handling of the economy. I’m puzzled by this. The U.S. national debt at over $26 trillion now exceeds the record debt incurred during WWII, but more troubling, debt as a percentage of GDP at 136% is its highest in history. According to economists, this level of debt-to-GDP slows economic growth, and as revenues decline the debt-to-GDP ratio climbs, and the “Greek Death Cycle” accelerates.

Maybe men see Trump as a hugely successful businessman, so under the circumstances he must have handled the economy as well or better than anyone could. But, in fact Trump is a terrible businessman, as has been thoroughly documented. Furthermore, the “circumstances” are largely of his own creation — surely no one would argue that he’s managed the coronavirus pandemic well, unless the predicted 200,000 deaths is acceptable.

Maybe men, especially those relatively well off, are attracted by the siren call of today’s advancing Stock Market. But the Market is a chimera buoyed by Fed bond buying, and propped up by stock buybacks, collateralized loan obligations, and other “unknown unknowns,” as Donald Rumsfeld might have said. In any case, according to Reuters, 84% of stocks owned by U.S. households are held by the wealthiest 10% of Americans. So the deregulatory fever under Trump has boosted the Market, but, as usual, it’s the rich getting richer.

Maybe more men are impacted by and therefore especially appreciative of the lower tax rates instituted under Trump. But first of all, the so-called Tax Cut and Jobs Act (TCJA) didn’t end up paying for itself, as promised. In fact, the TCJA substantially reduced revenues, adding further to the aforementioned monumental debt.

Secondly, it was corporations who gained the most from the TCJA; their taxes were reduced by 40%, and they are permanent, unlike individual tax cuts, which expire in 2025.

 

Finally, the TCJA increased disparities in after-tax income by giving the largest relative and absolute tax cuts to high-income households — the top 1 percent will claim 83%of the benefit of the bill. As Stephanie Kelton, a senior economic policy analyst has pointed out, “Trump’s plan will widen the country’s already dangerous wealth and income gaps, and because the gains go mostly to those at the very top, the tax cuts won’t do much to promote broad-based consumer spending or overall job growth.”

So, I remain puzzled. Who are the guys that approve of the way Trump is handling the economy and what explains their attitude?

The Last Best Hope

When I tell someone that I’m an American I am conveying not just where I’m from, but in a larger sense, who I am. Today, I’m no longer sure who that is.

I served in the United States Air Force from 1961 to 1981 and during that time I served in a number of different countries. Most people I met in these places invariably admired Americans. They always wanted to shake my hand. It may be that they idealized us. I know they thought everyone in America was rich. But more than that, I believe that they saw America as a model to which other countries could aspire; that “shining city on a hill” that former President Ronald Reagan spoke of when he said that we Americans are “the last best hope of man on earth.”

I was proud to be a person thought to reflect the grand idea of America. I knew that America was not perfect, nor was I -- we were never perfect -- but never have we been so imperfect.

At one time admired and respected for our sense of decency and fair play, we are today justifiably reviled for the abuses at Abu Ghraib, the abomination that is Guantanamo, the injustice of extraordinary rendition, and the evil and hypocrisy of enhanced interrogation.

Envied for the freedoms we enjoyed and admired for the physical and intellectual courage we demonstrated in earning those freedoms, we are looked upon today as a country, gripped by fear, meekly acquiescing to spying on our fellow citizens, and teetering on the edge of a police state.

And where so many other countries struggled valiantly to light the torch of democracy, and we were looked to as a beacon in the surrounding darkness, now that beacon flickers and dims as our elected representatives sell their votes, gerrymander congressional districts to favor their party, and deny the vote to minorities and the poor.

As for being rich, America, once the world’s biggest creditor nation is now the world’s biggest debtor nation. We have for more than 3 decades failed to address our energy future and now find ourselves held hostage to exponentially rising energy costs. We are spending borrowed money to pursue an ill-conceived and executed military strategy of preemptive war, and prioritizing military spending over education, healthcare, science, and economic opportunity programs for the growing proportion of Americans (some 13%) living in poverty – today, 37 million.

I want an America with a government of the people, by the people, and for the people, and a people unwilling to permit the erosion of human rights that is a legacy of that government. I want an America that has faith in its leaders, its institutions and its self. And an America whose faith in a higher being is an individual choice that manifests itself in acts of compassion and generosity towards its citizens and its neighbors. I want an America that values not material wealth per se, but the wealth of talent, ingenuity, and spirit that create the quality of life that we all work to afford. I want an America that abrogates to no nation leadership in exploring the frontiers of knowledge. I want an America whose conquests are of hunger, disease, poverty, ignorance, deceit, and hate, at home and abroad.

I want my America back, my last best hope.