The Forgotten In Our Booming Economy

Blog Post by Louis Howard

Community Impact: The Forgotten People and Areas in this Booming Economy.

Even with the U.S. economy boasting impressive job growth and domestic equity markets near record highs, a fragmented recovery has left many states struggling to close budget deficits nearly a decade after the 2008 financial crisis S&P Global has downgraded 11 states compared to just two upgrades since January 2016. It has 11 states on negative outlook, which means the ratings agency believes more than 20 percent of states are in danger of a credit downgrade.sis.

Most economists believe that America is at full employment. After all, the official unemployment rate is a mere 4.5%, the lowest level in years

“I’d say we’re doing pretty well,” Janet Yellen, the head of America’s central bank, west level in in years.

1.Unemployed People who have disappeared or exhausted benefits They aren’t counted in the official unemployment rate, which only tallies people who actively searched for work in the past month.

2.  Public Assistance:

As of July 7, 42.6 million Americans were receiving SNAP benefits during the current fiscal year, down from 44.2 million in 2016. The 2017 figure is the lowest since 2010, when 40.3 million people were on food stamps. The number peaked in 2013, at 47.6 million.

3. The 14.4 million in need of a full-time job

Every month, the Labor Department puts out the official unemployment data. Its latest count says there are 7.2 million unemployed. These are the people who are represented in the 4.5% unemployment rate. Too many people are stuck in part-time jobs, and not enough people are working at all in their “prime years” between ages 25 and 54.

4. A New Milestone in Household Debt

In the first quarter of 2017, consumer debt rose to $12.73 trillion, exceeding its peak in the third quarter of 2008. Student loans account for 10.6 percent of that total, up from 3.3 percent in 2003, while housing’s share, though still great, has fallen back to 2003 levels One of the major factors behind the latest debt binge has been student loans, a mounting burden that can stifle economic growth by preventing Americans from buying homes or spending on big-ticket consumer items.

5. Lack of Structure:

       For some a lack of built on job opportunities like factories and production lines impact the ability for some to get good paying jobs in their area where they live

6.  Where is your place in the Economy:

1 At the Bottom: If you are on the millions with no voice at or below the poverty line are one on public assistance and low ages then it is the same economy it as always been which is a struggle

2. The Middle: If you are part of middle America making the median which $51,000 income up to 100k a year. You are impacted by debt especially consumer and student loan debt and course our favorite taxes. You are not saving enough to keep up with your monthly  housing and and save up enough for retirement or investments
3. The Top %: The median income is $214, 000. Life is freer and has more choices for you because you have higher income, credit, assets, investments and a growing retirement fund. The top 5% are the ones who feel the  best of the economy because there is more insulation and protection than those at the bottom