Fed’s economic recovery: 78% of American households living paycheck to paycheck
It is already a proven fact that the Federal Reserve’s¬†so-called recovery¬†was in the re-capitalizing of the banks and corporate entities through stock buybacks, and not for the citizens or general economy. ¬†And added to this mix is the central bank’s buying of the equity markets to ensure that their ‘friends’ were able to siphon off as much wealth as possible from the Middle Class.
Yet within the propaganda from the Fed, the White House, and the media of the central bank being the ‘Savior’ of the economy over the past nine years, it may have been Zerohedge who coined the term, the ‘Bartender Economy’, as the majority of jobs created following the 2008 financial crisis have been low wage or part-time, and in many cases complete fiction due to the government’s variable known as the ‘Birth – Death Model’.
As our¬†friends at Morningside Hill calculate,¬†a full¬†93% of the new jobs reported since 2008 – 6.3 million out of 6.7 million – and 40% of the jobs in 2016 alone¬†were added through the¬†business birth and death¬†model ‚Äď a¬†highly controversial model¬†which is not supported by the data. On the contrary, all data on establishment births and deaths point to an ongoing decrease in entrepreneurship. –¬†Zerohedge
Alas, tens of trillions of dollars in debt have done absolutely nothing to restart the economy. ¬†And as a result, a new study out on Aug. 24 shows that the number of American families living paycheck to paycheck has climbed to a whopping 78%, and up 3% since last year when the Fed claimed it was time to start raising rates to ‘slow down’ the economy.
More than three-quarters of workers (78 percent) are living paycheck-to-paycheck to make ends meet ‚ÄĒ up from 75 percent last year and a trait more common in women than men ‚ÄĒ 81 vs. 75 percent,¬†according to new CareerBuilder research. Thirty-eight percent of employees said they sometimes live paycheck-to-paycheck, 17 percent said they usually do and 23 percent said they always do.
Having a higher salary doesn’t necessarily mean money woes are behind you, with nearly one in 10 workers making $100,000 or more (9 percent) saying they usually or always live paycheck-to-paycheck and 59 percent in that income bracket in debt.¬†Twenty-eight percent of workers making $50,000-$99,999 usually or always live paycheck to paycheck, 70 percent are in debt; and 51 percent of those making less than $50,000 usually or always live paycheck to paycheck to make ends meet, 73 percent are in debt. –¬†Zerohedge
One of the primary reasons why Donald Trump won the Presidency last November is because the people are finally waking up and rejecting the propaganda from those institutions running the economy into the ground. ¬†And with credibility levels for the Fed, Congress, and the Media, and even the President at near all-time lows, what may be coming down the pike as the last of the central bank’s illusions come crumbling down inside of OZ could well be enough to drive the populace to what Trends Forecaster Gerald Celente says…
When people no loner have anything to lose, they lose it.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.