Why a great US economy doesn't feel so great
John Williams, president of the Federal Reserve Bank of New York, describes the economy strong. CNN says its soaring. Vice calls it great, and the Washington Post labels it good. I myself have referred to it as a boom.
But others wonder how this strong, great economy can be soaring when wages arent rising very quickly:
Meanwhile, my Bloomberg Opinion colleague Stephen Gandel notes that most Americans wealth hasnt gone up during this boom. Most middle-class Americans keep their wealth in their houses, while the rich tend to put more in the stock market. But stocks have seen the bulk of the gains since President Donald Trump took office:
Even real estate isnt doing so well for ordinary Americans these days, since the foreclosures of the housing bust and tighter lending standards have shifted housing wealth from the middle class to the rich.
And thats just whats happening recently. Over the longer term, Americans have been suffering from steadily falling mobility. Only about half of 30-year-olds now make more money than their parents did at a similar age:
https://www.msn.com/en-us/money/markets/opinion-why-a-great-us-economy-doesnt-feel-so-great/ar-BBPw5Wd?li=BBnbfcN
brush
(53,467 posts)spooky3
(34,301 posts)for the year, and global stocks have declined. Bonds are declining with interest rates rise. So that graph showing that investments are rising dramatically under Trump is not now accurate.
kimbutgar
(20,871 posts)When I was their age I only needed to work 1 job to pay the rent and have money left for food, transportation etc and put money away every month.
And the orange maggot is against raising the minimum wage to keep up with inflation.
jmowreader
(50,447 posts)Reaganomics only worked if you had a lot of money in the stock market.
Politicub
(12,163 posts)The average rent for a one bedroom apartment in Atlanta is $1,600.
In the close-in suburbs, $350k is the new $250k for single-family starter homes.