by Seth Mason Ecominoes
Recently by Seth Mason: The Devil’s in the (Lack of) Details of Obama’s Gun Control Orders
This is not what economic recovery looks like. This is, however, what an economic depression looks like: First, the American workforce is far smaller than it was before the 2008 economic collapse, even though the number of Americans of working age has increased by several millions:
Second, the people who are lucky enough to be gainfully employed are earning less: Third, with far fewer people employed, those who are employed earning less, and the long-term unemployed and underemployed depleting their savings, the number of Americans living in poverty continues to grow: Fourth, with the employed earning less, millions of unemployed and underemployed depleting their savings, and interest rates at record lows, Americans are saving less and less: Finally, the number of Americans dependent on the government for basic survival has grown by the tens of millions: Only 2 words adequately describe this 5 year period of eroding lifestyle in the United States: economic depression.
Reprinted with permission from Ecominoes.