Do not be fooled by media reports of a so-called "good economy." When news anchors and pundits talk of how good the economy is, they fail to tell you that there are two different economies. There is the investor economy and there is the working family economy. They are talking about the investor economy, not the working family economy.
The people in the investor economy do not see the world the same as working people; not do they live in the world the same as working people. "More than half (55%) of investors believe they have achieved what they consider to be the American dream." This includes people over 65 years old (87%), and people 50-64, (59%). These people have stocks, own a home that was bought over 40 years ago, and who have either retired on pensions or about to retire from jobs they have held over 20 years. These are the people the media is talking about when they refer to the "good economy."
Living paycheck to paycheck
The other economy consist of working people who live paycheck to paycheck, which according to most media polls and news reports, are 80% of the American worker. "Seventy-eight percent of full-time workers said they live paycheck to paycheck, up from 75 percent last year, according to a recent report from CareerBuilder." And 10% of people making over $100,000 a year struggle to make ends meet. These are not signs of a good economy, unless you are invested in those who work the most.
The main reason most people cannot seem to get ahead is because of debt. As long as debt looms over the head of working people, there is no such thing as a "good economy." It is an economy on the verge of implosion, not growth. Where is the debt coming from? Health care cost, student loans, and instability of the job market. More people have changed jobs over the course of two years than at any time in American history.
Another sign of an economy on the verge is one that forces working people to work two jobs, or that forces a young or married couple to have two incomes in order to sustain their home and family; and one where most people are one paycheck away from homelessness. When young people graduating from college make a full circle and end up back at home because they cannot find a decent paying job in their career field, this is the sign of a economy on the brink.
When single parents are forced to drop their newborn into a daycare or when a working person cannot afford to call in sick from work, or when car maintenance is too expensive, groceries take a backseat to medicine and when the only option for a graduating high school student is to go into the military instead of college. These things, and more, make for an economy that is not "good" for the average working person.
As stated earlier, investors are people who have been established one way or another, either by pensions, inheritance, or shareholding and who buy into the labors of those who are doing the actual work. They collect dividend checks from companies that overwork and underpay their workers and who outsource jobs overseas in order to increase the profit margins. This is who the media is talking about when they say the economy is "good."
Media lies and hype
High unemployment does not mean living wages are being paid, nor does increased monthly job-hiring reports. A rising stock market does not mean everyone can afford to take a vacation, or even a day off. Furthermore, debt eliminates the ability to save money or prepare for an emergency a family may encounter, and higher consumer spending only means debt will increase when the bills come due. Do not be fooled people; the economy is only good for those who benefit from it.
© Jan. 2019
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