The so-called Great Recession hit the United States with a vengeance in late 2007, resulting in near-unprecedented job losses, home foreclosures and myriad other financial challenges for millions of Americans across the country.
Mississippians were far from spared from the carnage, with many state residents suffering major dislocations and, like high numbers of other people across the country, still clawing back from personal losses.
Still, and notwithstanding that the stark recessionary times of recent years are just now fading into the background, there has been a steady stream of positive economic news to buoy the national spirit. A persistent drum beat of upsides is sounding regarding job growth, company spending, lowered unemployment and other salutary developments.
What gives, then, with the continued pessimism being expressed by high numbers of people across the country?
According to a recent news article discussing economic conditions in the United States, “many Americans feel the economy is just meh.”
Again, why would that be, given all the euphoric data being reported?
Here’s one strong reason: The recovery is not being equally shared. Although many persons have indeed secured new employment, kept their homes and are now managing to save income and pay their debts, that is far from being uniformly true for all consumers.
A new economic report indicates that many Americans continue to feel stressed and squeezed in an economy that has not yet benefited them. And, in fact, median income across the country is just about where it was two decades ago, when taking account for inflation.
Many people thus feel that they are treading water, or continuing to slip behind.
That is certainly a concern. Hopefully the recovery will continue in strong fashion and truly begin to benefit all Americans.