On Tusday the DJIA set a record high.
Too bad most American citizens aren't able yet to reparticipate in the wealth sharing: Average US household far from regaining its wealthNot that anyone's tremendously surprised, as so many millions of American citizens' jobs went to non-American-citizens in the chaos, the sub-prime securities fiasco being set by the sub-primers jobs being out-sourced.The average U.S. household has a long way to go to recover the wealth it lost to the Great Recession, a report by the Federal Reserve Bank of St. Louis concluded Thursday.
And, of course, with all that wage-slave labor now fueling the industrials, it's not surprising that the Dow would break a record.
But, despite government propaganda left and right, it is a bit surprising just how little recession-lost wealth Americans have recovered:Wow -- lost 16 trillion dollars, regained only 14.7 billion???Household wealth plunged $16 trillion from the third quarter of 2007 through the first quarter of 2009. By the final three months of 2012, American households as a group had regained $14.7 billion.
Oh, I see .. yeah, that makes sense .. .. .. actually, I don't get it -- inflation and population growth can't account for such a discrepancy. Something's not right.Yet once those figures are adjusted for inflation and population growth, the average household has recovered only 45 percent of its wealth, the St. Louis Fed concluded.
No, duh!That suggests that consumer spending could remain modest as many Americans try to rebuild their wealth by saving more and paying off debts.
Despite the rosy picture of recovery politicos and sellers like to paint as they pander for votes and purchases respectively, reality is still biting most American citizens rather painfully in the body wallet pocket.
Recovery for international conglomerates, yeah, that's obviously happening in "the south will rise again!" style, thanks to the lowered cost of hiring wage-slaves.
But clearly, American citizens en masse simply are not carpetbagging much of that for themselves.
And, again, why is that surprising? After all, neither liberals or conservatives have really done anything whatsoever to expedite American citizen recovery.
So conditions remain bleak for most Americans .. as jobless claims are apparently rising again .. and most Americans haven't recouped the wealth to survive another downturn.
Tick tock, citizens .. .. tick tock.