If the Economy is So Great, How Come I’m Not?
President Obama says “the Economy is Awesome“. Stock markets are at all time highs. Home sales are going through the roof. Auto sales are racing ahead. BLS (Bureau of Labor Statistics) stats show everything is coming up roses. Inflation, interest rates and unemployment are at or near all time lows. With all this good news, why are Americans so anxious and stressed about their personal financial circumstances?
“We’re ceaselessly told/sold that the U.S. economy is doing phenomenally well in our current slow-growth world — generating record corporate profits, record highs in the S&P 500 stock index, and historically low unemployment (4.9% in July 2016).
While GDP growth is somewhat lackluster by historical standards—less than 2% in 2016—it’s growth nonetheless. And the rate of consumer-price inflation is hovering around 1%; negligible by historical standards.
But this uniformly positive statistical view of the U.S. economy raises a question among those not in the top 0.1%: If everything’s going so great, how come I’m not?” Read more…
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