We're working longer, earning less, and closer to poverty. The recovery has only lifted the few
Earlier this month when Fed chair Janet Yellen offered her rationale for raising interest rates, it was sadly reminiscent of President George W. Bush’s infamous “Mission Accomplished” speech, given on the USS Abraham Lincoln when he declared that major combat operations in Iraq were over in 2003.
Yellen spoke from her well-feathered perch about the “considerable progress that has been made restoring jobs, raising incomes, and easing the economic hardship of millions of Americans.” A few days later Congress passed a $1.1 trillion spending bill and $700 billion in tax breaks before they went on their holiday. The president signed off on it all and headed off for his spectacular vacation to Hawaii.
Just what country are these happy holiday revelers living in? Even the Hallmark Channel in 2015 has more social realism than the happy talk generated from the Beltway.