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Over the past several months, we’ve seen a Dickens-esque polarization of the US:
- Unemployment has hit new highs above 10% while Wall Street distributed bonuses which rivaled those from the height of the bubble a few years ago.
- Foreclosure activity has hit the highest on record as sales of multi-million dollar mansions in the Hamptons are up 173 percent year-over-year with median sale prices increasing by close to 35 percent, to $908,500.
- Wages are stuck in the shitter while the stock market has roared over 75% since the lows last March.
Seems like a tale of two countries — except they are one. If we’re not careful, the US could eventually look a lot like certain parts of South America. I grew up in Miami. So, my family knows a lot of business owners who emigrated to the US to avoid routine kidnappings and robberies. Seems like the markets are betting on a similar endgame.
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The US economy is slowly becoming a 3rd-world economy. Characteristics of such are a bifurcated private sector where unemployment is high, real wages are low and big business is subsidized. On the government side you have deficits, inflation and high interest rates.
People must not confuse GDP growth with lifting people out of poverty or a healthy economy. There are lots of countries where the economy has grown hugely over 20-30 years but more people have fallen into poverty….the US being an example unfortunately. The economy can grow but the top 1% take all the gains.
As one writer said, "The Zimbabwe stock market has outpaced the rate of inflation, but people are starving."
This is a systemic problem we need to address.
This whole thing sounds exactly like what has happened in Canada as well.
Here in London Ontario our once beautiful downtown is now full of vagrants, panhandlers, street kids, and all manner of undesireables. One of the reasons for the decline is that the large big box retailers have been allowed in, and they have put the small stores out of business.
There is even a dividing line running straight throught the city, Adelaide Street, which divides the city in to east and west, basically haves and have nots.
Another problem is the high rate of divorce, the large number of unwed, out of wedlock single mothers, and the overall break down of the moral values that people used to have.
Many of the liberal churches have closed or are closing, as the people don't want their theology.
With the decline of the natural, traditional family, everyone has basically been tossed to the wind, and the constants that we used to depend on have gone.