The government has this funny way of wording things. When you’re frustrated about job developments, they tell you that production is up. When you’re annoyed with debt, they tell you that it’s inevitable for all Americans. Then raise your rent and spike up interest rates.
Statistically, the margin getting hit with these pitfalls of the economy are the very ones who have been told since birth that America is the home of possibilities. That all you need is determination and drive to get where you want. But in the latest data provided by Business Insider, you can actually see what you’ve been feeling all along– that things aren’t exactly what it seems. And while the possibilities to break out of these blocked walls are still foreseeable, they’re also limited. Here’s the reasons why:
Let’s start with the obvious: Unemployment. Three years after the financial crisis, the unemployment rate is still at one of the highest levels since the Great Depression.
A record percentage of unemployed people have been unemployed for longer than 6 months.
Our 8% unemployment rate, by the way, equates to about 13 million Americans—people who want to work but can’t find a job.
And when you include people working part-time who want to work full-time, plus some people who haven’t looked for a job in a while, unemployment is at 15%
Yes, the number of jobs has started to grow again, and unemployment’s coming down slowly. But we still have miles to go. We haven’t yet recovered even half of the jobs we lost in the recession.
Put differently, a lower percentage of Americans are working than any time since the early 1980s (And the boom prior to that, by the way, was from women entering the workforce).
Corporate profits just hit another all-time high.
Corporate profits as a percent of the economy also just hit an all-time high. Profits are now VASTLY higher than they’ve been for most of the last half-century.
Those are the facts. And there’s even more disturbing news where that came from. The government is getting richer, the 1% has officially taken over, and the 99% are stabilized with little growing room and over 65% of the country’s debt. And you wonder why Occupy Wall Street exists? Thoughts?