This is not what economic recovery looks like. This is, however, what an economic depression looks like:First, the American workforce is far smaller than it was before the 2008 economic collapse, even though the number of Americans of working age has increased by several million:
Second, the people who are lucky enough to be gainfully employed are earning less, adjusted for inflation:
Third, with far fewer people employed, those who are employed earning less, and the long-term unemployed and underemployed depleting their savings, the number of Americans living in poverty continues to grow:
Fourth, with the employed earning less, millions of unemployed and underemployed depleting their savings, and interest rates at record lows, Americans are saving less:
Finally, the number of Americans dependent on the government for basic survival has grown by tens of millions:
Only 2 words adequately describe the past 5 years: economic depression.
Seth Mason, Charleston SC
