The myth about our 'booming' economy
I am confused. We are informed our economy is booming (perfect) as never before. How is that ascertained? As per Federal Reserve, borrowing on credit cards rose the largest amount in over a decade in December. Total U.S. consumer borrowing rose by $22.1 billion as per Central Bank. In November, it was $11.8 billion, making the biggest increase since 1998.
Highest Christmas sales ever? But over 50% of merchandise was returned, not yet paid. Lowest unemployment ever, but big chain stores and other large companies are closing doors, retailers hardly exist. Is it because the people losing their minimum wage jobs are not applying for jobs yet? Where are they getting jobs?
Stocks are going through the roof, while minimum wages "generously" were increased by about 1-3% (roughly 10-30 cents), all made possible by eliminating regulations by Obama on Wall Street, investors (making money with money, hence crooks) and banks have the benefit to earn more.
Add to that that banks pay a very low percent on lower-income people's meager savings account, if any. They can use the actual tax payers' money to increase their wealth on account of lower-income people who by all means can't afford to play with stocks.
Nothing really trickled down yet to most. Quite the contrary, my Social Security, for which I paid for 50 years barely increased (2%) this year, while my Medicare premium went up twice as much. No recession in sight? I beg to differ.
Is it because we save money by eliminating environmental protection and other social benefits?
Can someone explain this calculation?