From the New York Times Business Day:
Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.
The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.
Across the country, in almost every demographic, Americans earn less today than they did in June 2009, when the recovery technically started. As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier, when the inflation-adjusted median income was $53,508.
Since your 2008 “Hope and Change,” what kind of hope and change has occurred? I’d submit this: no hope, much change. See above.
The common Political Yardstick: are you better off today than you were four years ago? And what does your future portend?
No, I’m not. And I’m facing a slanted SCOTUS, ObakaKare and CapNTax.
Odds of Global Recession Are 100%
There’s still a 100 percent chance the world heads into recession, Marc Faber, publisher of “The Gloom, Boom & Doom Report,” told CNBC’s “Closing Bell” on Thursday, echoing a call he made in May.
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Bloomberg | Getty Images
Marc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report
When you look at the major economies, Europe, the U.S., China and the emerging markets that are dependent on China for growth, Faber, aka Dr. Doom, only sees weakness. |
“Europe is already in recession,” he said. “Germany is still growing very, very slightly, but is likely to go into recession soon.”
Growth in the U.S. is also falling off. “The U.S. economy has decelerated and I don’t see much growth in the next six to 12 months,” Faber said.
There’s also little the Federal Reserve and other policy makers can do to turn the U.S. economy around. “I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy,” he said.
Right.
All is well.
Hope and change.
BZ
