Is this a Great Economy, or What?

The Answer: Or What.  Unless you’re already wealthy, or a corporation, or in financial services – those stock market and GDP numbers don’t reflect the miserable reality faced by most Americans.

The percentage of families with more debt than savings is higher now than at any point since 1962, while the median American family’s net worth is lower than it’s been in nearly a quarter-century.  …So, this is what a “good” economy now looks like in the United States: shrinking household wealth; soaring middle-class debt; wage growth that can’t keep pace with the rising costs of housing, health care, and higher education; job growth concentrated in part-time positions; widespread retirement insecurity; and more wealth-less households than America has seen for 56 years.

For the rest of the analysis, look here: http://nymag.com/daily/intelligencer/2018/01/americans-havent-been-this-poor-and-indebted-in-decades.html

This reminds me of the economists who looked so glowingly on the GDP growth from globalization… until with wealth and wage inequality reaching 19th century levels they admitted “OOPS!  We forgot about the redistributive effects of globalization” – meaning wealth redistributed FROM the working class to the wealthy.  Think this might have something to do with current political trends?

UPDATE: More evidence of how the old, common statistics are correctly measuring the Wrong Things, is here: https://www.nytimes.com/2018/09/14/opinion/columnists/great-recession-economy-gdp.html