Long-Term Economic Pain for Americans

By BOB HERBERT
Published: July 26, 2010

The pain coursing through American families is all too real and no one seems to know what to do about it. A rigorous new analysis for the Rockefeller Foundation shows that Americans are more economically insecure now than they have been in a quarter of a century, and the trend lines suggest that things will only get worse.

Rampant joblessness and skyrocketing medical costs are among the biggest factors tearing at the very fabric of American economic life so painstakingly put together in the early post-World War II decades.

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The team’s findings were grim. Simply stated, more and more families are facing utter economic devastation: completely out of money, with their jobs, savings and retirement funds gone, and nowhere to turn for the next dollar.

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Policy makers seem bewildered by the terrible economic state of ordinary working Americans, including those once considered solidly in the middle class. Despite warnings back in 2008 that we were on the verge of another great depression, the big financial institutions and corporate America seem to be doing just fine now. But average Americans are hurting with no end to the pain in sight.

More than 14 million people are out of work and many more are either underemployed or so discouraged they’ve just stopped looking. Big corporations, sitting on fat profits even as the economy continues to struggle, have made it clear that they are not interested in putting a lot more people back to work any time soon.

http://www.nytimes.com/2010/07/27/opinion/27herbert.html?_r=1

"Too big to fail" financial institutions replenished their coffers with taxpayers money and are booming while the rest of the nation keeps sliding downwards.

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:(

Best of luck to you, I hope that things get better.

:hug:

it underscores, for me at least, how out of touch our political class is with the economic realities facing most Americans.

The time for kicking the can down the road is over - we are running out of road; basic, fundamental change is needed. The inequity in wealth distribution in this nation needs to be addressed and it needs to be addressed now.

It's a shame how they are immune to the consequences of their actions. They are in their ivory towers, whether in the WH or the marble halls of Congress, while people suffer. No wonder that this will be a bad year for incumbents, people have had enough. Congress' approval is at an all time low.

and still not found a job. She is collecting unemployment.

After 22 years at her job, poof it was gone in minutes. Long gone are the days when someone started at a company and remained there their entire careers if they chose to do so. That went out years ago. It is very sad to see the country slide as much as it has done.

Yes, it is very sad when a long time employee who has done a good
job for not just years but decades is laid off. I bet the CEO kept
his job.

Or, like the BP CEO, get a millions od dollars for a crappy job done.

Here's another article with a similar theme.

NEW YORK — The disconnect between Wall Street and Main Street is growing.

Americans' confidence in the economy faded further in July, according to a monthly survey released Tuesday, amid job worries and skimpy wage growth. That's at odds with Wall Street's recent rally fueled by upbeat earnings reports from big businesses such as chemical maker DuPont Co. and equipment maker Caterpillar Inc. That's because the pumped-up profits are being fueled by cost cuts like layoffs and overseas sales. In fact, big companies have shown few signs they're ready to hire.

The Consumer Confidence Index came in at 50.4 in July, a steeper-than-expected decline from the revised 54.3 in June, according to a survey the Conference Board. The decline follows last month's decline of nearly 10 points, from 62.7 in May, and is the lowest point since February. It takes a reading of 90 to indicate a healthy economy – a level not seen since the recession began in December 2007.

http://www.huffingtonpost.com/2010/07/27/consumer-confidence-corporate-profits_n_661601.html