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Is This Really What Economic Growth Looks Like?

77 views  2013-07-05 23:49   Tagshappening  property  economic  opposite  afford 

While the mainstream media claims that the U.S. economy is witnessing economic growth, I see the complete opposite.

When economic growth takes place, the lives of individuals get better—they are able to afford food and property, they are able to find jobs that pay well, and they are able to save. Right now, I don’t see any of that happening in the U.S. economy.

Also Read: NYSE Holidays 2013

The average American Joe is under severe stress.

He can’t afford to buy food. More Americans are resorting to food stamps than the entire population of Spain—46.22 million in 2012. (Source: World Bank web site, last accessed July 3, 2013.) As of March of this year, there were 47.7 million individuals, or 23.1 million households, in the U.S. economy who used food stamps. Contrary to any economic growth, the food stamp usage in the U.S. economy continues to increase. Since March of 2011, food stamp usage has increased more than seven percent. (Source: U.S. Department of Agriculture, June 7, 2013.)

Average Joe’s not getting a job that pays him well, either. The official jobs numbers are just an illusion that is hiding the real situation. The jobs market in the U.S. economy is fundamentally unsound. The so-called “jobs growth” we have seen has been limited to sectors that pay poorly. A massive number of Americans are still unemployed—a significant portion of them have been unemployed for longer than six months, and a large number of them are working part-time jobs because they aren’t able to find full-time jobs.

This article Is This Really What Economic Growth Looks Like? was originally published at Investment Contrarians

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