The economy is growing overall, at a very slow and steady pace, yet at the same time a lot of people in their own lives are in worse shape than they were 4 years ago. What’s going on?
The short answer is that the recovery is completely unbalanced this time. That explains a lot of the angst in our society.
New Census Bureau data shows that the richest 7% of Americans saw their person wealth grow by 30% in 2 years. Yet the remaining 93% of household have seen no increase in their net worth. A separate BankRate study concurs with the Census Bureau findings.
There’s no real movement in how Americans are doing. They’re not getting anywhere. Things are not worse, but they’re not better. There’s a certain sense of malaise, and it seems we’ve lost that spring in our step.
But there are several bright spots. First, people have done a good job paying down debts over the last few years.
Second, it’s my belief that the return of manufacturing; the energy production boom; and our entrepreneurial culture will eventually lead to a much stronger recovery.