Americans increasingly sweating this economy, and it's no surprise
Here's an informative, if dismaying, story from the Washington Post as we countdown to Thanksgiving: A lot of Americans are very worried about the economy, as well as their job security. And there’s plenty of reason for that, write Jim Tankersley and Scott Clement:
There are still 11 million Americans looking for work who can’t find a job. The unemployment rate is 7.3 percent, higher than it has been since 1980, except during recessions and their immediate aftermaths. Adjusting for inflation, average household incomes for the poorest 40 percent of workers have fallen steadily — by more than 10 percent, total — since 2000.
Seems as good a time as ever to note that, since we normalized trade with China at the end of 2000, the American economy has lost about 5 million middle-income manufacturing jobs.
This is the low-wage economy that we’ve wrought; one built on ease of consumption. It's a bummer. But, if you choose to stand in front of a big-box retailer at 4 a.m. this Friday to be first in line for a big-ticket deal (that probably isn’t really a deal anyway), take a moment away from climbing over your fellow man and thank goodness you've got a job and the disposable income to spend on a shopping spree. And then do your fellow citizen a favor: Buy American, and support middle-class jobs in the U.S. of A.
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