Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
November 23, 2014

Where’s the Middle Class ‘Recovery’?

The Guardian: “Most economists, including those of the Federal Reserve, tend to tout that we are in a time of economic recovery. In dense jargon they talk about ‘improving labor market conditions’ (a better job outlook) and use that as a reason to cut down on stimulus efforts.”

“Technically, that is true. The recession ended in 2009. Except, instead of being a healing period, this recovery is leaving a scar on the middle class.”

“The middle class hasn’t experienced the recovery that the mathematical equations of economics says it has. Evidence of that includes high debt, low borrowing, and low wages as well as still-high unemployment and people dropping out of the labor force.”

“Here’s the big secret: the economists really can’t do all that much. They can play with interest rates, or add stimulus measures, but their tools are very limited considering the scale of the US economy, with its moving gears and whistles of small businesses, big banks and giant corporations. Congress could be of some help – with infrastructure investment for instance – but has chosen not to be. CEOs, hoarding cash for their shareholders while cutting costs and jobs, have done close to nothing at all.”

  • http://www.youtube.com/playlist?list=PLA0C3C1D163BE880A Golbez

    Nick Hanauer, beloved rich person and market capitalist, explains how fellow plutocrats are helping ruin America’s economy, via TED talks. Quite interesting:

  • Progressive Republican

    “Where’s the Middle Class ‘Recovery’?”

    Sitting in offshore banks along with the $2.1 trillion in bailout funds they got.

  • embo66

    “Congress could be of some help – with infrastructure investment for instance – but has chosen not to be. CEOs, hoarding cash for their shareholders while cutting costs and jobs, have done close to nothing at all.”

    CORRECTION: Republicans in Congress have chosen not to be. Obama and the Democrats have at least 5 times proposed investing in infrastructure repair, new projects, (smart grids, etc.), alternative energies, etc.

    It’s the Republicans — and their brethren in CEO offices across the land — who have deliberately stymied these efforts, again and again.

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