Nearly half of Americans believe another Great Depression is likely

"Half of Americans say they couldn't come up with $2,000 in 30 days without selling some of their possessions.

"Meanwhile, companies are flush: American firms generated $1.68 trillion in profit in the last quarter of 2010 alone. But many firms would think twice before putting their next factory or R&D center in the U.S. when they could put it in Brazil, China or India.

"These emerging-market nations are churning out 70 million new middle-class workers and consumers every year. That's one reason unemployment is high and wages are constrained here at home.

"This was true well before the recession and even before Obama arrived in office. From 2000 to 2007, the U.S. saw its weakest period of job creation since the Great Depression..."

What U.S. Economic Recovery? Five Destructive Myths -- Printout -- TIME

Should I feel bad because this has been the best 6 years for me? Jobs are plentiful and the pay is great. Everyone I know that works in my career field has been having a great 5-6 years.
Partly the answer to your question depends on how you make your money, imho.

Assuming you're not part of the FIRE sector (Finance, Insurance and Real Estate), I don't think you should feel badly about the success you've enjoyed. You should, however, look ahead at the next five or six and try to stay ahead of the curve.

That will involve understanding how the US economy has changed over the past few decades in ways most politicians "at both ends of the spectrum still don't get."

"There are half a billion middle-class people living abroad who can do our jobs.

"At the same time, technology has allowed companies to weather the recession almost entirely through job cuts.

"While Democrats may be downplaying the bad news, Republicans, obsessed with the sideshow that is the debt-ceiling debate, haven't offered a more cohesive explanation for the problems or any real solutions.

"Rather, both sides continue to push myths about what's happening and how the economy will — or won't — recover.

"Here are five of the most destructive myths and why we need to figure out a different path to growth. (See 'Will Banks Target the Unbanked Next?')

What U.S. Economic Recovery? Five Destructive Myths -- Printout -- TIME
 

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