A recent article from CBS News summed up one of the major problems with the economic recovery: For most people, it doesn't exist.
While we may hear reports of rising home prices, decreasing unemployment and rising wages, a closer examination reveals that most of the benefits of the recovery goes to the highest income earners, leaving most Americans no better off.
In housing, for example, the article stated that "sales of the most expensive homes were up 21.1 percent through April of this year, while they've fallen 7.6 percent for the rest of the market. That follows a gain of 35.7 percent in 2013 for the top 1 percent and just 10.1 percent for less-expensive homes."
No wonder a CBS News/New York Times poll showed that 69 percent of Americans believe the economy is in bad shape, and 66 percent believe it isn't getting any better.
We often say that the recovery is fake, and it is. But more importantly, even the fake recovery doesn't extend to most of the economy, because it is only focused on pumping up the asset bubbles, particularly in the stock market.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
Ask a school teacher. Ask a doctor. Ask any working person like your neighbor if life is easier. Ask them if life is harder. Ask them if they think the economy and the new laws are working. If they are honest they will tell you how bad things really are. We are being sold (or they are attempting to sell us) phony goods. If the real estate market is improving it may be that the house down the street was bought by a group who have ties to Russia or China. We are bleeding from the inside out.
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