As we ponder the economic recovery after The Great Recession (and financial crisis), we see a disturbing pattern of middle-class job demolition. Using what former OMB head under President Reagan calls “The Breadwinner Economy,” we can see that construction, manufacturing, etc. jobs have risen, but are still below the highs of the economy under President George W. Bush (aka Dubya) in 2006/2007.
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To add insult to injury, the US economy stills has real median household income below levels seen in 2007 and is about at 2006 levels when U-3 and U-6 unemployment (underemployment) rates were near pre-Great Recession lows.
That was a long, hard recovery from The Great Recession as witnessed by over 31% of Millennials still living in the parent’s home (aka, basement). And stuck with record student debt burden.
And with college tuition and textbooks seeing the largest rise in costs since 1996 and a soft job market, it is no wonder that these Millennial Falcons are slow to get out of the basement, particularly in higher cost metro areas like Washington DC, New York and Coastal California.
As least they have inexpensive TVs and computer monitors.
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