The New Reality Of 'Economic Recovery' For American Workers
Testosterone Pit, 7 February 2013 (hat tip: NC)
“Deeply pessimistic” is the term used in the sobering survey, “Diminished Lives and Futures: A Portrait of America in the Great-Recession Era.” A confirmation of bits and pieces of economic data that has been trickling in over the years on this topic.
Just today, for example, the Bureau of Labor Statistics reported that wages adjusted for inflation had continued their morose decline: in 2012, by 0.4% after having already declined 0.5% in 2011. It doesn’t seem much. With nominal wages rising, workers might temporarily be fooled into thinking that they’re moving ahead. But enough of those declines, and pretty soon you’re talking about some real money.
They compound the lingering impact of the financial crisis. “Five years of economic misery have profoundly diminished Americans’ confidence in the economy and their outlook for the next generation,” conclude the authors of the survey. And yet, since 2007, Congress borrowed $8 trillion, nearly doubling the US gross national debt to $16.48 trillion, and the Fed printed another $2.1 trillion, all under the unholy pretext of wanting to stimulate the economy
The sobering survey is Diminished Lives and Futures: A Portrait of America in the Great-Recession Era (pdf).
The husband of someone I work with, an Iraqi Vet who is/was working as an Electrician was just laid of because the company ran out of work. He had just received a raise a few weeks earlier but than the tap simply ran dry for new work coming in. From what I have seen, almost all types of service work (plumbing, hvac, electrical) are very slow. New construction is vastly over prescribed in the number of bidders for each job. Since we are talking about the much discussed Research Triangle Park (RTP- the triangle being Duke, UNC-Chapel Hill, and North Carolina State U.) we are not talking about some lost backwoods of the economy.