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The U.S. economy continues to be “a bright spot in the overall global outlook,” despite a significant slowdown abroad, according to Treasury Secretary Steven Mnuchin.
The United States continues to benefit from tax reform and other pro-growth policies, he said at the annual meeting with finance ministers and central bankers.
In July, economic growth in the United States entered its 121st month, marking the longest expansion in U.S. history. And the jobless rate fell in September to a new 50-year low of 3.5 percent, while employers added a modest 136,000 jobs.
According to JPMorgan Chase CEO Jamie Dimon, a recession in the United States in the near term is unlikely as the economy is driven primarily by consumer spending, which is still strong.
originally posted by: pexx421
Yeah. Except we have the lowest workforce participation since the last 50 years, the highest personal debt, and suicide and overdose have overtaken car accidents for mortality statistics. Oh, and wages are worse than they’ve been for the last 50 years as well.
originally posted by: pexx421
Here ya go,
www.statista.com...
According to this, which shows that fully 37% of our working age, non institutionalized population is not working, despite those 3.7% unemployment claims. That’s a huge amount of non working, of age adults.
originally posted by: watchitburn
a reply to: pexx421
Labor stats have always been cooked, not surprised there.
But I find it hard to believe that od and suicide have surpassed auto fatalities
originally posted by: Middleoftheroad
originally posted by: pexx421
Here ya go,
www.statista.com...
According to this, which shows that fully 37% of our working age, non institutionalized population is not working, despite those 3.7% unemployment claims. That’s a huge amount of non working, of age adults.
All you proved with that link is how bad the Obama years were. Over an 18 year span, we lost .5% participation from 1990 until Obama got into office. During Obama's admin, participation dropped off over 3% in just 8 years. Now Trump is in office and the number is steady again like all the other presidents minus Bush and Obama.
originally posted by: Stupidsecrets
Highest personal debt is higher due to ease of access to credit. but to the point; is high personal debt always a bad thing? That does seem to be the sentiment. Is it a bad thing right now? And what is the scale of bad? Is bad a housing bubble burst. I would say so. Are we in that situation? To that I would also say no.
So in summary, one would have to come to the conclusion "highest personal debt" is not a problem at this time. It could be at some point but that is the nature of debt. Without it though the economy would indeed crash. What would hurt more is if we had the lowest personal debt of all time.
originally posted by: Stupidsecrets
It should never be peachy. If it was peachy we would certainly be headed for a massive crash just like the housing bubble.
Ideally it should be rough going for the many but manageable, ability for some to progress and ability for some to prosper. Is the balance out of whack. Probably but it's not some horrible situation.
Imagine an aircraft carrier. Majority of the workers are very low. Something like 85% are below a SGT which is a good thing. It takes time to learn management skills, trades, work the nuclear reactor and fly and land planes. Not doing any of that stuff without gaining experience.
It's not peachy for most of them for sure but, the carrier and the battle group do work amazingly well.
originally posted by: Stupidsecrets
a reply to: pexx421
Or, you could just accept what they report as fact and call it a day. Willing to bet they would not want my perspective or any of my poor friends who also achieved success. Sounds like a real pity party out there though from what you are saying. Not my thing but to each their own. If you like reading snivel stories and want to help them you should follow your heart.