Obama immigrant friendly crony friendly economy destroying native born American dreams, Gen X impact, White American jobs decimated, Consumers don’t have money to spend, Higher health care rent food costs and student debt
“There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.”…Gallup CEO Jim Clifton
“In today’s labor market, there are nearly 1 million “missing” young workers—potential workers who are neither employed nor actively seeking work (and are thus not counted in the unemployment rate) because job opportunities remain so scarce. If these missing workers were in the labor market looking for work, the unemployment rate of workers under age 25 would be 18.1 percent instead of 14.5 percent.”…Economic Policy Institute May 1, 2014
“We are being lied to on a scale unimaginable by George Orwell.”…Citizen Wells
You should know by now that over 30 percent of millennials live with family members due to the horrid jobs situation, higher rent costs and student debt.
Gen X, Generation X, has also been hit by the Obama economy.
From Main St. June 8, 2015.
“Gen X, the leading edge of which will turn 50 next year, with the youngest hitting 35, are facing the reality of their looming retirement prospects. And so far, there is much room for improvement.
Gen X was roiled by the Great Recession, losing nearly half (45%) of their wealth. Now, a new study by Northwestern Mutual reveals that Gen X is compounding that major setback with the poorest financial habits of the four generations surveyed. Most respondents characterized themselves as spenders rather than savers, making them the generation most likely to havemore debt than savings.
Almost four in 10 (37%) admit they do not “at all feel financially secure,” an outlook more pessimistic than any other generation, even the often money-challenged Millennials.”
If you have been reading Citizen Wells you know that White Americans have been decimated in the job market since Obama took the White House in January 2009.
As of a few months ago, 75 percent of the employments added went to Hispanics and Latinos.
From Zero Hedge June 11, 2015.
“All of this is cast against a subpar (or perhaps “non-existent” is the better term) economic recovery wherein weak demand has curtailed spending and investment, leading directly to lackluster wage growth. This of course, makes it still more difficult for would-be buyers to make a down payment and indeed it says quite a bit about the state of the economy when homeownership rates continue to hit multi-decade lows even as Fannie and Freddie are now backing loans with down payments as low as 3% while FHA has cut premiums at the same time.
If you’re a millennial, the situation is even more desperate. As we’ve documented extensively, new graduates are having a difficult time finding jobs that are commensurate with their education. College degrees have become so commonplace that they have largely ceased to differentiate candidates from one another and on top of that, many young job seekers are discovering that their $35,000 educations did not provide them with the skills sets employers are looking for. Speaking of $35,000 educations, student loan debt is perhaps the biggest impediment to homeownership for young Americans.
Combine a 14% U-6 unemployment rate for 18-29 year olds with soaring rents and a housing market that’spricing out young adults in many of the nation’s most desirable locales and you have the recipe for historically low homeownership rates for millenials. A new study by The Urban Institute has more on homeownership by age group:”
From Zero Hedge June 15, 2015.
“Last week the government reported personal income and spending for April. After months of blaming non-existent consumer spending on cold weather, shockingly occurring during the Winter, the captured mainstream media pundits, Ivy League educated Wall Street economist lackeys, and Keynesian loving money printers at the Fed have run out of propaganda to explain why Americans are not spending money they don’t have. The corporate mainstream media is now visibly angry with the American people for not doing what the Ivy League propagated Keynesian academic models say they should be doing.”
“Despairing mothers, unemployed fathers, impoverished grandmothers, and indebted young people are supposed to feel lucky because they aren’t starving to death like the wretched Greeks. We do have one thing in common with the Greeks. We’ve both been screwed over by bankers and corrupt politicians. Did you know you’ve been given a free ride by your friends at the Federal Reserve? Did you know that zero interest rates and $3.5 trillion of Quantitative Easing (aka money printing) were implemented to benefit you? According to Hilsenrath, the Fed lending money at 0.25% to their Wall Street bank owners, who then allow you to borrow from them at 15% on your credit card, represents a free ride for you. Are the subprime auto loan borrowers, who account for 30% of all auto sales, paying 13% interest getting a free ride?”
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