When everyone checks out of the labor market the unemployment rate
goes down. It’s not unlike the management of “medical populations” we reported on over the weekend. If enough sick people die the overall population becomes healthier.
The truth is many people are scraping by. People are going into debt to buy food. Those who don’t have access to credit at all are often on food stamps, roughly 46 million Americans. Millions of people have pursued disability benefits as a way to make ends meet. Overall wages have been declining in a serious way since 2008 when adjusted for inflation. The average American household brings in 7% less in real terms than it did 6 years ago. Many recent college graduates still can’t find jobs. Those who do are often underemployed. A good number of these former students are also carrying tens of thousands in student debt.
But the stock market is going up. So everything is cool right?
Wrong. Big time wrong.
http://www.againstcronycapitalism.org/2014/07/only-47-7-of-adult-americans-are-working-full-time-this-is-a-huge-problem/
The truth is many people are scraping by. People are going into debt to buy food. Those who don’t have access to credit at all are often on food stamps, roughly 46 million Americans. Millions of people have pursued disability benefits as a way to make ends meet. Overall wages have been declining in a serious way since 2008 when adjusted for inflation. The average American household brings in 7% less in real terms than it did 6 years ago. Many recent college graduates still can’t find jobs. Those who do are often underemployed. A good number of these former students are also carrying tens of thousands in student debt.
But the stock market is going up. So everything is cool right?
Wrong. Big time wrong.
http://www.againstcronycapitalism.org/2014/07/only-47-7-of-adult-americans-are-working-full-time-this-is-a-huge-problem/
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