99% of Americans recovered only 40% of what they lost in Great Recession
Why is this?
My thought is that it can be pinned in the instabilities of the stock market worldwide. Because this loss isn't just for Americans one could say a similar or greater loss occurred for the 99% worldwide as well.
When the stock market is so volatile that the ONLY people that can invest are people who can afford to live without their investments for 5 to 10 years during recoveries then the average person cannot afford to invest in the Stock Market at all.
Because the only people who recovered much at all from the Great Recession are the 1% who COULD afford to let their money ride in long term investments for 5 to 10 years without touching it for any reason and thereby still collecting dividends while waiting for their principle to recover before selling if then.
Because wages have been stagnant since at least 2000 because of Globalization and the Internet. Doing business on the Internet reduces American profits because there will always be someone cheaper (labor wise) for anything Americans produce. The quality often isn't as good or it is downright dangerous, but you can buy things cheaper almost always other places than the U.S. So, this is what Globalization and the Internet have done to the U.S. and all Western Economies.
In fact, it can be said that because of inflation Americans are actually losing ground wage wise if you consider an average of 4% inflation per year regarding the value of the dollar. And if this is happening to Americans imagine just how bad it is most other places on earth?
What Globalization and Internet business actually means to Earth is: 'The 1% get richer and everyone else gets poorer, loses all their privacy, and then still continues to get poorer, while the poorest in the world make everything for pennies until Robots do it cheaper.
So, I would say the biggest problem in the future of this century might be: "The end of jobs because they will be done by robots instead of people. When you can hire a car to drive you and don't need truck or taxi drivers anymore, the biggest single career of men worldwide will end. What will they do for a living then? Or will they just starve and die?
However, what I'm writing about here has absolutely nothing at all to do with Obama it has to do with the new market forces that globalize worldwide economies in new ways for everyone which makes all developed countries compete with undeveloped ones. Though it might even things out economically worldwide it also destroys democracies one by one also.
So, I can now easily say that Globalization and Internet Business is turning the earth slowly into a worldwide oligarchy and likely a dictatorship. This is unfortunately true. But this has nothing to do with Obama really at all. Once Computers and Business interfaced through the Internet the extinction of the rights of the common man on earth was inevitable eventually. No one has really faced this yet this century. But hopefully people will worldwide before all rights and all privacy are completely lost worldwide by human beings.
The fact that Americans start voting in a matter of weeks loomed over President Obama’s final State of the Union address Tuesday. “I know some of you are antsy to get back to Iowa,” he cracked, as he began the speech.
But
as president, Mr. Obama gets to take time to crow about what’s good in
the economy, not just focus on fixing what’s bad, as nearly all
candidates of both parties are doing. It’s a tricky line to walk and a
nearly impossible one on the campaign trail, because, according to
recent polls, voters mostly feel that the economy still has a way to go until they will personally feel financially secure.
Early
in his speech, the president sought to quell the fears that the economy
is on anything but stable footing. “Anyone claiming that America’s
economy is in decline is peddling fiction,” Mr. Obama said, adding later
that any statement to the contrary is “political hot air.” He listed a
number of indicators of how strong the economic recovery he has overseen
has been. And he’s right. According to Bureau of Labor Statistics data,
the unemployment rate
has been slashed, from 7.8 percent when he took office to 5 percent in
the most recent jobs report. The private sector added more than 9
million jobs over that time. When it comes to the job market, the Great
Recession is a thing of the past.
But
the pain of it isn’t. While Americans have by and large gone back to
work, they’re not seeing a whole lot more money in return. Wage growth
has only chugged along
below or slightly above 2 percent since about mid-2009 as productivity
growth — how much economic growth Americans are generating through their
work — has grown much faster. That has come after decades of wage stagnation for the majority of American workers.
Things
are better for the rich, as income inequality has continued to grow and
income gains have been heaped at the top of the income scale. According
to an analysis by the economist Emmanuel Saez, the bottom 99 percent of
Americans recovered just 40 percent
of the income they lost in the recession by 2014. On the other hand,
the richest 1 percent captured 58 percent of all income growth in the
first five years of the recovery. Income inequality has in fact gotten
worse after the Great Recession and under President Obama’s watch. That
dynamic makes people less happy.
In
his address, the president acknowledged that people still view the
economy with some malaise. “For the past seven years, our goal has been a
growing economy that works better for everybody,” he said. “We’ve made
progress. But we need to make more.”
Signs
of that progress are largely absent from the campaign trail, which may
reinforce a negative view in the public’s mind. During the debates,
nearly every Republican candidate has brandished the fact that wages
have been stagnant for decades. The Democratic candidates’ focus has
been on how to increase middle class incomes. There’s little room for
talk about the remarkable turnaround the economy has experienced over
the last seven years. Given that positive change has yet to filter down
into most people’s pockets, it’s a tough selling point.
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