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Thread: Americans Havenít Been This Poor and Indebted in Decades

  1. #1
    Cat-tastic Babba's Avatar
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    Americans Havenít Been This Poor and Indebted in Decades

    As the author points out, it's one reason Trump is the least popular full employment president ever.

    All ďfull employmentĒ economies arenít created equal. And thereís long been reason to think that our current one is less golden than gilded. As Iíve previously noted, weíre living through the weakest recovery in postwar history ó one thatís left the prime-age labor-force-participation rate near decade lows, underemployment above pre-recession levels, and wage growth too tepid to compensate for mounting household debt.

    Now, Deutsche Bank economist Torsten Slok has added two new, (profoundly) disconcerting data points to the pile: The percentage of families with more debt than savings is higher now than at any point since 1962, while the median American familyís net worth is lower than itís been in nearly a quarter-century.
    So, this is what a ďgoodĒ economy now looks like in the United States: shrinking household wealth; soaring middle-class debt; wage growth that canít keep pace with the rising costs of housing, health care, and higher education; job growth concentrated in part-time positions; widespread retirement insecurity; and more wealth-less households than America has seen for 56 years.

    And contra Trump, thereís reason to think that this is about as good as things are going to get. Job growth in 2017 was weaker than it was in 2016, when it was weaker than it was the year before. Expansions donít last forever.
    Americans Haven?t Been This Poor and Indebted in Decades

    This was true under Obama, too. We've been off on the wrong track for a while. Pretending there are enough good jobs to go around and simply insisting it's all caused by a bunch of lazy people is just stupid. We need to address the causes and come up with solutions to the actual reasons for this situation.
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    Southern Strategy Liberal OldGaffer's Avatar
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    The current minimum wage is a little over half what it was in 1968. It takes two wage earners to earn what one could in the 1960's. Yay, trickle down, yay union destruction.
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    Quote Originally Posted by Babba View Post
    As the author points out, it's one reason Trump is the least popular full employment president ever.





    Americans Haven?t Been This Poor and Indebted in Decades

    This was true under Obama, too. We've been off on the wrong track for a while. Pretending there are enough good jobs to go around and simply insisting it's all caused by a bunch of lazy people is just stupid. We need to address the causes and come up with solutions to the actual reasons for this situation.
    You make a good argument for restricting immigration and securing our borders.

    We don't need all these unskilled people pouring in across our open borders.
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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Miller47 View Post
    You make a good argument for restricting immigration and securing our borders.

    We don't need all these unskilled people pouring in across our open borders.
    So it was illegals picking fruit and mowing lawns that depressed the wages of American workers for the last 40 years? Sure it was.
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    Bizarroland Observer Thx1138's Avatar
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    This might be only marginally related, but I would like to see more companies offer at least partial employee ownership.

    Thx
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    Veteran Member bajisima's Avatar
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    Biggest problem now is student debt. Kids are so burdened with debt that they use credit for everything. Realtor friend told me millennials are even paying rent and mortgages on credit cards so they dont default on loans. When you have such a high percentage that deep in debt by their early 20s how can they have any cash around to spend? No big surprise here.
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    olguy OlGuy's Avatar
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    How many people living on the streets before somebody says too much? Never.

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    Veteran Member MaryAnne's Avatar
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    Quote Originally Posted by OlGuy View Post
    How many people living on the streets before somebody says too much? Never.
    I think you are wrong on that. The angry voters at Town Halls,these massive women’s matches are just the beginning.

    Women are actually training to run for office,all the way down to the Board of Education.

    I really wanted Nan Whaley to run for Governor, but then I thought what a miracle she has accomplished in Dayton,I really want her to stay. After a series of poor Mayors Nan stands out as one of the finest.
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    Veteran Member Southern Dad's Avatar
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    Don't borrow what you can't afford to pay back. Read the terms before signing. It's not that hard.

  10. #10
    Veteran Member MaryAnne's Avatar
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    Quote Originally Posted by OlGuy View Post
    How many people living on the streets before somebody says too much? Never.
    I think you are wrong on that. The angry voters at Town Halls,these massive women’s matches are just the beginning.

    Women are actually training to run for office,all the way down to the Board of Education.

    I really wanted Nan Whaley to run for Governor, but then I thought what a miracle she has accomplished in Dayton,I really want her to stay. After a series of poor Mayors Nan stands out as one of the finest.

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