The recovery rooted in wiping out the last of the Middle Class – and that is not sustainable
The U.S. economy appears to be recovering. Not only did the economy grow at a 2.5% rate during the last quarter – but also GDP in America has finally reached the level seen before Bush’s Great Depression. But ask the average out-of-work American, or the average family that can’t afford soaring healthcare premiums – or to fill their car up with gas – and it sure doesn’t look like the economy is recovering.
The truth about this so-called economic growth is that it’s being fueled by debt. The typical hourly wage for the average worker has gone up only $1.23 in the last 36 years – while the price of everything else – from healthcare to college to energy – has skyrocketed. So you do the math – how are Americans keeping up – and spending money in our new economy? By using their credit cards or spending what little they have left of their savings.
So while it may seem like the nation is in recovery – it’s a recovery rooted in wiping out the last of the Middle Class – and that is not sustainable.