Call the economy

[Huzurdaddi]

@Djscman

Hasn’t it just been a decade of economic suck?

It has indeed been a decade of suck and this decade isn’t starting off much better!

Edit: Looking at the data I guess it wasn’t bad for the world.

[Dejin]

@Djscman

Here’s what confuses me. I remember the recession in 2000, and then that was called a double-dip recession. (Wags referred to it as the W recession, referring to the president at the time.) Then there was the housing market collapse, the subprime loan collapse, the bank bailouts.

Did the recession ever stop? Hasn’t it just been a decade of economic suck?

The past decade has been very, very bad for the middle class. While I think there have been some ups and downs, overall the past decade has been awful for everyone but the wealthy. Here is some data:

Investor’s Business Daily: 10-Year Real Wage Gains Worse Than During Depression (June 2011) The increase in total private-sector wages, adjusted for inflation, from the start of 2001 has fallen far short of any 10-year period since World War II, according to Commerce Department data.

Wall Street Journal: Lost Decade for Family Income (September 2010) new Census data show[s], … years of stagnant wage growth [have] made the past decade the worst for American families in at least half a century.

NY Times Econimix Blog – A Decade with No Income Growth (September 2009): The typical American household made less money last year than the typical household made a full decade ago.

Sorry some of these are a bit old, but I don’t believe things have gotten better since some of the older articles were written.

[jeffd]

@Huzurdaddi

Seems more likely that the stock market it is the best predictor of economic activity that we have since it has by far the most research put into it.

“Tracks GDP growth over long time horizons” != “Useful predictor for policy purposes.”

[Dawn_Falcon]

@Dejin

Sorry some of these are a bit old, but I don’t believe things have gotten better since some of the older articles were written.

Worse. Income from capital is squashing income from salaries.

It can be seen practically everywhere, although it’s markedly lower in a few states, such as the Nordic ones. (And the low end hasn’t been quite so badly hit in Australia, thanks to their high minimum wage…)

[Scuzz]

@jason

The economy doesn’t live here anymore.

the economy doesn’t live…period.

[Scuzz]

@Djscman

Here’s what confuses me. I remember the recession in 2000, and then that was called a double-dip recession. (Wags referred to it as the W recession, referring to the president at the time.) Then there was the housing market collapse, the subprime loan collapse, the bank bailouts.

Did the recession ever stop? Hasn’t it just been a decade of economic suck?

The mid-2000’s were very good for many business’s. Most things are cyclical anyway though, recession or not.

[ShivaX]

@Djscman

Here’s what confuses me. I remember the recession in 2000, and then that was called a double-dip recession. (Wags referred to it as the W recession, referring to the president at the time.) Then there was the housing market collapse, the subprime loan collapse, the bank bailouts.

Did the recession ever stop? Hasn’t it just been a decade of economic suck?

Not for most people. For companies and the wealthy it did, and thats all that really matters to keep the books looking good.

[Papageno]

If you look at the S&P 500 index, it’s truly been a lost decade, at least going by share price alone (excluding dividends)-- as of today’s close, it’s down 0.95%.

[yamo_yamo]

The Corps and the wealthy want their own man in the White House. They will continue to thwart recovery untill after the '12 election.

[AlanT]

In that vein: http://www.washingtonpost.com/business/economy/steven-pearlstein-blame-for-financial-mess-starts-with-the-corporate-lobby/2011/08/08/gIQA3zMlDJ_story.html?fb_ref=NetworkNews&fb_source=home_multiline, in which Steven Pearlstein goes off (correctly, in my view) on our emerging plutocracy.

[John_Many_Jars]

Money is boring