The Great Recession Put Us in a Hole. Are We Out Yet?

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http://www.bloomberg.com/news/2014-10-27/the-great-recession-put-us-in-a-hole-are-we-out-yet-.html

In October 2007, U.S. stocks were hitting an all-time high, jobs were plentiful and homes were expensive. Two months later, the Great Recession began to eviscerate the economy, ultimately sucking $10 trillion out of U.S. stocks, collapsing a housing bubble and pushing the unemployment rate to 10 percent. A lot of talk of financial irresponsibility -- people living beyond their means -- followed.

Seven years later, most Americans have put their finances in order, reducing all kinds of consumer debt. So it's no small insult, after the injury of the recession, that many aren't being rewarded for smarter spending. Americans are making a lot less money and own fewer assets, the Federal Reserve said last month, even as stocks reach new highs.



Housing prices recovered, though they're still 13 percent below 2007 levels. Fewer Americans own houses they can't afford -- sending rents up 16 percent, to an average of $1,100 per apartment in metro areas.



On the bright side, housing's collapse taught consumers about the dangers of debt. Americans have shed $1.5 trillion in mortgage debt and $139.4 billion in credit card and other revolving debt over the last six years. They were pushed by tighter credit rules and enticed by the chance to refinance at lower rates. But they also saved more diligently. The U.S. savings rate has doubled since 2007, to 5.4 percent in September.

[merrily]

1. We are, net, better than we were in 2008 However, we are not anywhere near good enough,

with the usual exception of the top 10%.

Enough corporatism. Enough pretending the economy is great, as long as the DOW is up. Enough union busting. Enough off shoring of jobs. Enough tax breaks for offshoring jobs. Enough working two or three jobs to raise a family. Enough privatization, esp. the kind that gives public funding, but keeps profits in the hands of a few. Enough pretending FDR could never win even one election today. Enough allowing media to distract us with bs political gossip and other corporatist tactics, instead of giving us real political news and real political analysis.

ENOUGH.

Enough.