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America's Real Economy: It Isn't Booming

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Walter Holm, age 67, a Vietnam veteran is living at Transitions, a homeless recovery center in Columbia, SC in 2016. There are other aging veterans who are homeless and looking for work, but not finding it.  (Photo by Linda Davidson / The Washington Post via Getty Images)

  • If every employer in America came up with even just one modest step—higher wages, regular profit sharing, tuition reimbursement—to help workers spend and save more, the nation would begin to right itself economically. It needs to happen now. We’re running out of time.
  • Related: From the Archives | Socialism: Our Alternative To The Madness Of The Market

Peter Georgescu, Forbes

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Aug 22, 2018 | Ostensibly, for the past ten years, our economy has been recovering from the 2008 collapse. During the past few years, our comeback seems to have gained momentum. All the official indicators say we’re back in boom times, with a bull market, low unemployment and steady job growth. But there is an alternative set of data that depicts a different America, where the overlooked majority struggles from month to month.

The Nation recently published a stunning overview of the working poor and underpaid. One of the most powerful data points in the piece described how empty the decline in unemployment actually is: having a job doesn’t exempt anyone from poverty anymore. About 12% of Americans (43 million) are considered poor, and yet they are employed. They earn an individual income below $12,140 per year, and slightly more than that for a family of two. If you include housing and medical expenses in the calculation, it raises the percentage of Americans living in poverty to 14%. That’s 45 million people.

https://secure.gravatar.com/avatar/21fb03b0ab37a9d0d56bf6d9a591a32f?s=400&d=mm&r=g Peter Georgescu, Contributor, Forbes <>, is the author of Capitalists Arise!

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Related:

From the Archives | Socialism: Our Alternative To The Madness Of The Market, Eric RuderSocialist Worker / Dandelion Salad

https://farm7.staticflickr.com/6107/6313138621_29ea85c50d.jpg Image by dsleeter_2000 via FlickrWorkers must take control of the economy’s productive resources, and this will require a massive struggle, animated by a vision of a different kind of society.
 

 

 

 

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