“People aren’t spending money, because they don’t have any.”
People on average are making 23% less than they were pre-recession. America has taken a nearly 1/4 pay cut.
I agree with the interviewee for the most part. He cites the unemployment rate going down however without mentioning that a main driver of this lower rate has been people just checking out of the workforce. Unemployment is in fact a continuing problem even while people are making less in the jobs that they have.
On most everything else he’s pretty good. He is particularly right for highlighting how men have been disproportionately hurt in the Great Recession. A subject which is not discussed enough.
The interviewer on the other hand is suspect. He argues for government “make work” jobs, a sure path to a dead end.
We are in a kind of “pro-cession.” Moving forward barely economically even though we all know it’s a death march. Crony capitalism is a big part of the drag we feel. Too many regulations. Too much economic gaming for the powerful.
(From Yahoo News)
The latest evidence is a study by the U.S. Conference of Mayors that highlights stark disparities between the jobs lost during the recession and jobs gained since. The types of jobs lost paid nearly $62,000 per year, on average. The jobs gained during the past six years pay only about $47,000. That 23% shortfall adds up to about $93 billion in lost wages per year — money not being spent because it vanished from the economy.