Share on Google Plus Share on Twitter 1 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (3 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   3 comments
OpEdNews Op Eds

US Economy Stuck In Misery

By       Message Joel S. Hirschhorn     Permalink
      (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Add to My Group(s)

Well Said 1   Supported 1   Inspiring 1  
View Ratings | Rate It

opednews.com

Author 1900
Become a Fan
  (17 fans)

The middle class is dead. The US has produced a self-sustaining two-class society. Most Lower Class Americans are in bad or uncertain economic shape but the rich and powerful Upper Class crowd keeps making and spending money as if there has been no recession.

Talk about a possible double-dip recession misses the larger reality: For many millions of Americans the first recession is still here; there has been no recovery for them. Too bad President Obama cannot comprehend that. Nice that only 23 percent of people believe that his policies have made economic conditions better. Maybe they got the change they were waiting for.

A new survey by the PewResearchCenter provides disturbing data that no amount of lies from politicians can refute. Without a lot more consumer spending, remember, the US economy will not regain lasting health. The scope of the economic shock is shown by the 60 percent of Americans that have cut down on borrowing and spending. And nearly 50 percent are in worse financial shape because of the economic downturn. Forty percent of adults have tapped savings and retirement accounts to make ends meet. Nearly 25 percent have had to borrow money from someone. Ten percent have moved back with their parents to survive the economic tsunami, and that rises to 24 percent for workers between 18 and 29 years old.

More and more Americans now recognize that retirement will have to wait. For those 62 and older and still working, 35 percent have postponed retirement. That jumps to 60 percent as a likely action for working adults between ages 50 and 61. Replace the golden years with the disappointment years, especially when inevitable reduced Social Security and Medicare benefits hit hard.

For those still lucky enough to have jobs, the Commerce Department reports that the personal savings rate in May -- the part of wage income that goes unspent -- rose to 4 percent, the highest amount in nearly a year, as anxious consumers faced continued economic woes, such as fears about losing jobs or homes, affording food and health care, and a tumbling stock market.

And always remember that the official jobless rate of just under 10 percent is pure bunk; it really is close to 20 percent nationally, and a lot worse in many places and for African-Americans and Hispanics. The average time for being without a job is now six months, with many more people jobless for a whole lot more, often several years. All this means suppressed consumer spending and continued high home foreclosure rates. No big surprise that consumer confidence crashed almost 10 points between May and June. Welcome to high anxiety.

Next Page  1  |  2  |  3

 

- Advertisement -

Well Said 1   Supported 1   Inspiring 1  
View Ratings | Rate It

http://articlev.wix.com/statusquobuster

Joel S. Hirschhorn is the author of Delusional Democracy - Fixing the Republic Without Overthrowing the Government and several other books, as well as hundreds of articles. His current political writings have been greatly influenced by working (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Americans Unready to Revolt, Despite Revolting Conditions

Entering a Hospital and On Medicare? The One Question You Must Always Ask

9/11 Truth Manifesto

Tea Party Terrorists

The Most Powerful People in America

Fight Economic Oppression, Target the Top One Percent