Strong U.S. Economy...
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There has been a serious corporate media push that the economy is doing better...
But for Who?
The media will highlight the country's GDP increases, the DOW's dominance, the per captia personal income is higher than in 2009, along with corporate profits - as if any of those measures really represents prosperity for the majority of Americans.
The corporate media along with political and economic pundits will also champion the latest drop in the unemployment rate, and summarize America's economy is strong and on the verge of booming once more.
When I look at the numbers, another reality presents itself, one in stark contrast to the strong/booming narrative the corporate media has claimed.
In fact, if we examine the economic data from 2009 and compare it with the data from 2013/2014, we won't find any sort of strong growth for the majority of Americans, unless of course you are referring to the boom in foreclosures and personal bankruptcies since 2009, and even over the last quarter of 2013 according to the New York Federal Reserve.
Back in 2009 65% of our eligible workforce had a job, in 2013 the participation rate is at 62% - not exactly a strong number, and one showing we are still operating from a negative position.
In 2009 the average personal savings rate of Americans was around 6.5-7%, at the beginning of 2014 that average is now at almost 4%, not exactly the stuff to lead the nightly news with.
If we look at homeownership in the U.S.(the main pathway to upper mobility for most Americans), the homeownership rate in 2009 was at around 68%, today it is at 65% - once again not an improvement, not to mention those 3% now renting instead of owning, face all-time high rental prices, reducing their ability to further consume, save or invest.
Average weekly earnings in the private sector in 2009 were at $759, today those earnings as of December 2013 were at $831.44; while the consumer price index in 2009 was at 1423%, and as of November 2013 it was at 1572%. So to recap, weekly earnings went up by about 9%, while the prices on everything required for life and societal interactions went up by about 150% over the same time period - how is that a good thing?
The homelessness rate in 2009 compared to today is mostly unchanged, so no growth there.
Americans living in poverty or near poverty in 2009 was lower than it was in 2013 ' another vital indicator pointing downwards.
In fairness to the quackery practitioners known as Keynesians, we shall give them another year, until the end of 2014, a five-year period from 2009, even though they began their monetary initiatives in October of 2008; we'll chat again then, to see if the majority of our citizens have truly prospered from this "strong" economy created by the Fed's leadership.
Claude Morton, Column Editor: Claude Morton is an independent contributor, who mostly writes articles on politics, Veganism, philosophy, or local events. Claude has contributed to a variety of print and online outlets including Yahoo!, MovieMaker Magazine, and the Ann Arbor News. From Claude; I’m in the 1%, no, not that 1%. I’m a vegan, indie filmmaker, libertarian socialist, and a pacifist. I champion freedom as much as equality, and love discussing solutions about our country’s biggest dilemmas. ... (more...)