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Whatever we're in, 'Bammer got stuck holding the sack of chit that manifested itself as a result of decisions made by others many years/administrations ago. We'd be no better off with somebody else in charge...don't forget that every single member of Congress is bought and paid for by corporate special interests. Take the money out of politics, boot the career politicians, and we just might see real 'change'.
That said, I think this is the 'new normal' and barring some sort of true revolution born out of an extended period of pain & hardship where people really start lashing out, things won't get better anytime soon.
I don't think it will end until the unemployment rate can get below 6% again. Consumer spending makes up around 70% of all economic activity. The unemployed spend far less than those who are employed. The unemployed who have exhausted their UI spent virtually nothing.
It's going to be a lackluster decade for sure. Such prolonged lethargic economic outlook is NECESSARY in order for the masses to accept and become acquainted to the idea of said economic mediocrity in their personal lives to become normalcy. This country is on the decline in so far as the expectation of upward economic mobility for the median is all but dead (what some people generically call the American Dream). As it pertains to the starving Ethiopian, sure, this land will always be relatively speaking the land of milk and honey, from from a domestic worker's perspective that had the opportunity to witness the relative prosperity of decades past, yes this will sting. I do foresee a Brazilization of this Country. The haves and have nots still generally shop on the same malls and travel on the same roads. This will change in 20 years. Class warfare will become much more than talking points on FOX, this will be a marked reality as I believe it already is. Remember, there will still be wifi, and iphone 7s and space technology super laptops for 50 bucks...but there'll also be a lot more crumbling infrastructure, which will make the Country look South American and dirty, there will be more concentrated blight around the major cities; none of that is hyperbole, those dichotomies are all indicators of societies with dramatic expanses in the disparity of wealth and income amongst the population, which is where we are headed. If you're aggressive and nimble, you'll do ok...but, what's the point of being rich in a Country where you'll eventually need humvees and personal security to go to the mall anyways? This is what the aggressive capital owning class doesn't get.
If you adjust your expectations of being an American to general insolvency in retirement, no expectations to foster your children educations, and catastrophic only medical coverage, then this will still be a decent Country. Of course, I'm being facetious, nobody busts their hump 50 hours a week for 40 years for THAT. The reality is that with the death of the Boomers,housing and healthcare (and education as well God willing) will have a firesale, and this Country will become more shanty, but more affordable. So people will still live in relative comfort. If you don't like that outlook, start researching your expat retirement because this thing IS NOT going back to the good times. That ship has sailed.
It's going to be a lackluster decade for sure. Such prolonged lethargic economic outlook is NECESSARY in order for the masses to accept and become acquainted to the idea of said economic mediocrity in their personal lives to become normalcy. This country is on the decline in so far as the expectation of upward economic mobility for the median is all but dead (what some people generically call the American Dream). As it pertains to the starving Ethiopian, sure, this land will always be relatively speaking the land of milk and honey, from from a domestic worker's perspective that had the opportunity to witness the relative prosperity of decades past, yes this will sting. I do foresee a Brazilization of this Country. The haves and have nots still generally shop on the same malls and travel on the same roads. This will change in 20 years. Class warfare will become much more than talking points on FOX, this will be a marked reality as I believe it already is. Remember, there will still be wifi, and iphone 7s and space technology super laptops for 50 bucks...but there'll also be a lot more crumbling infrastructure, which will make the Country look South American and dirty, there will be more concentrated blight around the major cities; none of that is hyperbole, those dichotomies are all indicators of societies with dramatic expanses in the disparity of wealth and income amongst the population, which is where we are headed. If you're aggressive and nimble, you'll do ok...but, what's the point of being rich in a Country where you'll eventually need humvees and personal security to go to the mall anyways? This is what the aggressive capital owning class doesn't get.
If you adjust your expectations of being an American to general insolvency in retirement, no expectations to foster your children educations, and catastrophic only medical coverage, then this will still be a decent Country. Of course, I'm being facetious, nobody busts their hump 50 hours a week for 40 years for THAT. The reality is that with the death of the Boomers,housing and healthcare (and education as well God willing) will have a firesale, and this Country will become more shanty, but more affordable. So people will still live in relative comfort. If you don't like that outlook, start researching your expat retirement because this thing IS NOT going back to the good times. That ship has sailed.
Much of this stems from the fall of the USA on the educational attainment front relative to other countries as well.
...but, what's the point of being rich in a Country where you'll eventually need humvees and personal security to go to the mall anyways? This is what the aggressive capital owning class doesn't get.
I've been saying this for a long time, it falling on deaf ears on CD. The upper classes have great reason to have a vested interest in keeping a robust middle class (they don't get this ). The class pyramid should be stalwart at the middle. If that part of the pyramid collapses, the social chaos/threat you describe is what will happen.
It is not "normal" to have nearly 10 percent out of a job, another 10 percent in a job below their qualifications, and have to look for a job for over a year. This depression is the worst we have seen in a lifetime and we need to take corrective action that will really work. Obama will likely lose to some Republican bozo who darn well better get the economy repaired.
Sadly Obama will win re-selection and the economy will focus on the WWII model of national pride confronting evil.
There will be rationing, and a lot of dead soldiers.
My pay along with the wife's has gone up in this "down" economy. But in her line of work the economy needs to get better since Obama killed the NASA program.
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). The class pyramid should be stalwart at the middle. If that part of the pyramid collapses, the social chaos/threat you describe is what will happen.
The recession turns 4 years old....and still no prospect of recovery! Will it ever end?
