For well over two years now we’ve been told that the US was in recovery and that as most the biggest risk was a potential double dip. The reality however was that the US never experienced a real recovery (unless you work at one of the “chosen” firms on Wall Street). Housing at best flat-lined (though recent data shows the bounce is over as new home sales hit a record low last month).
Similarly, when we use U-6 unemployment data (which includes those who have given up looking for work and those who want full-time employment but have settled for part-time) we find that unemployment has actually risen throughout the “recovery” period.
We also find food stamp usage has hit a record of over 42 million (roughly 14.5% of the US population). ZeroHedge does a great job tracking this info:
We also see corporate profits are nowhere near the “record” levels trumpeted by the mainstream financial media. Indeed, when we remove financial profits (which are complete BS) we see that corporate profits have neither recovered to pre-Crisis levels, nor have they hit record levels:
Thus, we see that an honest assessment of the US economy today would state that corporate profits have rebounded (largely due to cutting employees and other cost cutting measures) but that the real economy (employment, food stamp usage, etc) have not followed suit.
This is, of course, something of a simple analysis of the true economic situation in the US (I’ve only spent a little over two pages on it). However, despite its brevity in length we have already seen that all claims of economic recovery in the US are bogus.
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