Friday, January 30, 2015

Economy not recovering much for ordinary folks

From economist Robert Reich's Facebook
Jan. 30, 2015

The Census Bureau reports this week that 16 million American children under the age of 18—about one in five—received food stamps last year. Before the Great Recession of 2007-2009, about one in eight were on food stamps. This isn’t because of the growth of single mothers. In fact, the rate of children living with married parents getting food stamps has doubled since 2007.

Meanwhile, the median earnings for full-time U.S. workers aged 18 to 34 have fallen nearly 10% since 2000, after adjusting for inflation.

Bottom line: This is not a “recovery” for most Americans. The economy has been expanding since 2009, but nothing has trickled down. We must stop measuring the success of the economy by the growth of GDP.

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