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Cannot believe how well the economy of the US is doing given the considerable headwinds facing Europe and Asia.
- Stock market has dipped a bit but still rebounding strongly from every dip, it crashed 1000 but regained everything in a matter of 2 days
- Home prices are reaching astronomical highs. Here in Southern California the market is on fire even stronger than the peak of the last bubble. Economists claim real estate market is solid and will still go up.
- Job market is robust with low unemployment and strong incomes. Six figure incomes seem to be the norm here in Southern California for those with a degree in STEM. Even entry level college grads in STEM are receiving offers of $80k+. Experienced people $150k+ package (with bonuses taken into account). Someone I know got a $15,000 sign-on bonus which was crazy just a few years ago. Non STEM is a bit lower but still solid.
- Restaurants are flooded, car dealerships are flooded, people are spending money like crazy
I'm also in Southern CA, but you don't know what you're talking about with stock market.
You do also realize that there are many tourists in Southern CA in those restaurants as well.
As one poster already said you must not be talking about the NYSE. And it did not regain everything as you said, and it closed today with an over 300 point loss.
My evidence is anecdotal based on observations of how people are spending money in the real world. That is all I care about. There is a huge level of consumer optimism. The real estate run up and low interest rates has caused a huge surge in spending, I see it with my own eyes. I know so many people who have bought ridiculously expensive cars of late - Audis, BMWs, Mercedes... just a few years ago these people were not doing so well. Now they are.
In my last job I used to work in the same building as a mortgage company - the agents there are all driving brand new German exotics. The entire parking lot is filled with them. And these are just young people - in their 30s. Even if these were acquired with debt it signifies that people have optimism in the economy.
My cousin is only 25 years old and is a realtor in westside Southern California, she is selling homes in the $1.5 million range with ease and raking in the dough! People are just flush with cash, that is the observation regardless of what the indices say.
LOL...you just really proved you have no idea what you're talking about.
Ever hear of the 1920s followed by the Great Depression, probably not. Well to educate you people also spent like there was no tomorrow.
I bolded the part where it proves you don't know anything about economics.
People today go into debt(and especially young people)because they have to have what they want right away, not because they think the economy is good.
Are you a foreigner? BTW you don't buy a car unless you're paying for it in cash in full the day you drive off the lot, not $700 a month car payments.
Last year (2014) the economy grew 2.4% and this year it is on track for a little less than that. In the past there were years the economy grew at well over 5%.
In regards to the OP comment, this is a false statement, just saying the same thing over and over again does not make it true. People are crazy these days, they cannot handle the truth.
Last year (2014) the economy grew 2.4% and this year it is on track for a little less than that. In the past there were years the economy grew at well over 5%.
The title "Economy is better than ever" is false.
Definitely agree.
I look at wages and inflation. What you can afford. Total expenses.
I think our Economy has been stagnant since the recession and despite the money tricks we're still in debt and some companies are a crash away from going under.
I think we definitely have enough 'wealth' whether currency to circulate, or resources. Our problems are with management imo.
Last year (2014) the economy grew 2.4% and this year it is on track for a little less than that. In the past there were years the economy grew at well over 5%.
The title "Economy is better than ever" is false.
Well we can always debate as to why we have had a "anemic" recovery after the 2008 Recession. So far we are into 64 + Months of Jobs gains and the UE rate is now at 5.1%.
We have had a slow but steady sustainable growth since 2008 so why are people wanting 4%+ growth in the GDP? Are people wishing for another economic cyclical bust?
So far I see :
Positive Employment Growth
Lower Commodity Prices including Oil
Stable Real Estate market
Zero % Interest rates
Negligible Inflation
A slow and steady Economy is good. Maybe not for Wall Street though.
By the way many American companies have been "hoarding" cash for years now.
Microsoft has a lot of employees that are making a lot less than $118,00, or even $50,000, and not interns or new hires. One day on a bus a young woman ran into a guy she had gone to high school with and asked where he worked. Microsoft. She asked what he does there. Dishwasher in the cafeteria. It was cute how she tried real hard not to laugh. As for your 5% claim, $118,000 is not a 5%er when a fixer 30 year old house costs $700,000. According to the NY Times in 2012 and other sources I found 118,000 was in the top 15-20%, top 5 is at over $166,000.
It depends on whether one is looking at household, or per capita income. Only 6% of Americans earn 100K, or more per capita. A person who earns a 118K salary is in the top 5-6% of American earners.
My evidence is anecdotal based on observations of how people are spending money in the real world. That is all I care about. There is a huge level of consumer optimism. The real estate run up and low interest rates has caused a huge surge in spending, I see it with my own eyes. I know so many people who have bought ridiculously expensive cars of late - Audis, BMWs, Mercedes... just a few years ago these people were not doing so well. Now they are.
In my last job I used to work in the same building as a mortgage company - the agents there are all driving brand new German exotics. The entire parking lot is filled with them. And these are just young people - in their 30s. Even if these were acquired with debt it signifies that people have optimism in the economy.
My cousin is only 25 years old and is a realtor in westside Southern California, she is selling homes in the $1.5 million range with ease and raking in the dough! People are just flush with cash, that is the observation regardless of what the indices say.
That's sweet, but the economy is only really doing well when people are seeing a bright future and saving and investing instead of consuming. The economy is doing much better than, say, in 2009 but I would not call this a boom economy outside a few Pacific Coast states, New York, Washington, and the oil patch.
The economy is OK but not like it was in the 1990s
Although I do like how the fuel prices are now.
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