The end of the American dream?

Discussion in 'Economy' started by Truthmatters, Jun 16, 2007.

  1. Truthmatters
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  2. Truthmatters
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    http://news.bbc.co.uk/2/hi/business/5303590.stm


    The end of the American dream?
    Analysis
    By Steve Schifferes
    Economics reporter, BBC News website



    Wage growth for average workers has been stagnant

    The US economy has been generating strong economic growth over the past few years as it has come out of recession.

    After growing at more than 3% a year in 2004 and 2005, the pace picked up to a blistering 5.6% annual rate in the first quarter of this year - although the pace has since then slipped back to 2.9%.

    So far, though, little of that growth has translated into the hands of the average worker, according to new research from the Economic Policy Institute (EPI).

    For real household incomes, the median point - the level at which half of households earn more and half less - has actually fallen over the past five years.

    The unprecedented split between growth and living standards is the defining economic agenda

    Jared Bernstein, Economic Policy Institute

    That marks a notable contrast with the 1990s, when the economic boom boosted both jobs and incomes.
     
  3. Truthmatters
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    http://news.bbc.co.uk/2/hi/business/5303590.stm


    The end of the American dream?
    Analysis
    By Steve Schifferes
    Economics reporter, BBC News website




    "Where has the increase gone?

    One way to comprehend what is happening is to look at the split between how much of the economy is won by profits and how much by wages.

    The share allotted to corporate profits increased sharply, from 17.7% in 2000 to 20.9% in 2005, while the share going to wages has reached a record low.

    Meanwhile, a large section of the workforce - the unemployed or those not seeking work - have not benefited from economic growth.

    Unemployment has remained stubbornly high despite the economic recovery, with the latest figure at 4.7% compared to 4% at the end of 2000. Overall job growth in the first half of the current decade has been just 1.3%.

    In the 1990s, job growth of some 12% goes some way towards explaining why prosperity in that earlier period spread down the income scale."
     
  4. Truthmatters
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    I know the information in this article will be very hard for many to stomack but unless we face what is really happening to our country we can never change it for the better.

    This is not the trend that will keep America strong and make it the kind of country we want our kids and grandkids to inherit.
     
  5. Toro
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    Toro Diamond Member

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    This is an over-reaction.

    There have been periods throughout American history when economic growth skewed to capital and other times when it skewed to labor. We are in one of those times where economic growth is biased towards the owners of capital.

    But the fundamental backbone of the US economy is strong, and will be so for decades to come.
     
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  6. Bern80
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    Bern80 Gold Member

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    I think it more aptly shows your complete misunderstanding of what the American Dream is.

    The American Dream essentially means that given the economic and politcal make up of this country one can come here and achieve anything.

    That is far different from comeing here or even being here and expecting to be given everything

    the American dream isn't something that just happens to you, nor is it something that should just happen to you. A considerable amount of effort is required.
     
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  7. JeffWartman
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    JeffWartman Senior Member

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    :iagree: :clap2:
     
  8. The Man @ Lunch
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    And, no matter how hard you work, or how smart you are, you still can't do it without one crucial thing: luck.

    Too bad so many have fallen for the lie that luck doesn't matter.
     
  9. Truthmatters
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    Pretty sad they dont understand what Henry F ord so well understood.

    You pay your people enough to make them your own customer.

    You see the corporations are not "trickling down" the stuff they are supposed to be trickling down to keep our country strong.

    Its not a matter of something for nothing here ,its a matter of paying your people a fair share of the profit generated by their contributions to the company.

    Why do you think its great CEOs make 400 times what the average worker does?

    The companys only seem to trickle up instead of down anymore.

    It just blows me away how middleclass and lower Americans like you people can support swinging the wreaking ball at the middle class as if it was good for America.
     
  10. Annie
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    Annie Diamond Member

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    Hmmm, growing in 05 and 06. So not growing perhaps in '07, 6 months into. Oh well. Why not throw in 5 years, and you wonder why you are not taken seriously?
     

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