There should be little doubt that the U.S. economy is in significant trouble. Indeed, objective criteria, as well as spokespersons from both sides of the political spectrum, indicate an economy approaching crisis levels. A survey of views illustrates the challenge:
The latest report from the Bureau of Labor Statistics reveals that “Real hourly compensation decreased 0.4 percent…”
The Bloomberg news service reports that “One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red…Almost 15 percent of Americans, or 47 million people, live below the poverty line, according to the U.S. Census Bureau. Then there are the people loaded up with debt. Even people with good jobs can owe so much on credit cards, student loans, or mortgages that, on paper, they’re worth less than zero. About 14 percent of U.S. households fall into this category, with a negative net worth, according to an analysis this month by the New York Federal Reserve. Add up all their possessions—cash, property, retirement accounts—and subtract all their debts, and one in seven Americans ends up in the red. Overall, U.S. households have $12.3 trillion in debt, according to another New York Fedreport, released this week.”
Liberal-oriented truth-out.org notes that: “…the evidence shows that living-wage, family-sustaining positions are quickly being replaced by lower-wage and less secure forms of employment. These plentiful low-level jobs have padded the unemployment figures, leaving much of America believing in an overhyped recovery… New research is beginning to confirm the permanent nature of middle-income job loss. Based on analysis that one reviewer calls ‘some of the most important work done by economists in the last twenty years,’ a National Bureau of Economic Research study found that national employment levels have fallen in U.S. industries that are vulnerable to import competition, without offsetting job gains in other industries. Even the Wall Street Journal admits that ‘many middle-wage occupations, those with average earnings between $32,000 and $53,000, have collapsed.”
The financial source Profitconfidential notes that Washington is “hiding” inflationary statistics.
“According to government statistics, inflation was held to just 0.6% during the first seven months of 2015. Unfortunately, that data disregards the most basic items that everyone uses, including food and energy costs… (Alternative non-government measures of inflation tell a completely different story. The Chapwood Index is an alternative inflation indicator that looks at the unadjusted costs and price fluctuation of the top 500 items that Americans spend their money on in the 50 largest cities in the country. (Source: chapwoodindex.com, last accessed September 22, 2015.) The index looks at the fluctuations in the cost of items such as Advil, Starbucks coffee, insurance, gasoline, tolls, fast food restaurants, toothpaste, oil changes, car washes, cable TV and Internet service, cellphone service, dry cleaning, movie tickets, cosmetics, gym memberships, home repairs, piano lessons, laundry detergent, light bulbs, school supplies, parking meters, pet food, and People magazine.For example, in 2014, the [official consumer price index] CPI rose 0.8%. But according to the Chapwood Index, major cities like New York, Los Angeles, Chicago, San Diego, and Boston saw inflation for the trailing 12 months (through to June of this year) run over 10%.”
Ignoring real inflationary numbers has a dire effect on senior citizens, who have suffered through more years without a cost of living increase in their social security checks than at any other time in living memory.
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Republicans have been sharply critical of the President’s economic policies. GOP candidate Donald Trump uses the worrisome economic statistics as a bludgeon against opponent Hillary Clinton, who has pledged to continue the Obama legacy. His web site states:
“… let’s look at what the Obama-Clinton policies have done nationally.Their policies produced 1.2% growth, the weakest so-called recovery since the Great Depression, and a doubling of the national debt.
“There are now 94.3 million Americans outside the labor force. It was 80.5 million when President Obama took office, an increase of nearly 14 million people. Home ownership is at its lowest rate in 51 years…
“Nearly 12 million have been added to the food stamp rolls since President Obama took office. Another nearly 7 million Americans were added to the ranks of those in poverty.
“We have the lowest labor force participation rates in four decades. 58 percent of African-American youth are either outside the labor force or not employed. 1 in 5 American households do not have a single member in the labor force…Meanwhile, American households are earning more than $4,000 less today than they were sixteen years ago.”
While substantial disagreement exists about the remedies that should be applied to America’s broken economy, the reality that a crisis exists is one which has fairly widespread support.