I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Wednesday 13 June 2007

The end of the American dream ?

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.

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