The United States is technically in a economic recovery. But that doesn’t mean the average Americans’ wallet is getting any fatter.
New Data from the Federal Reserve bank of St. Louis shows the labor force’s share of the national income fell to nearly a 60 year low. The numbers signal company profits are growing and income inequality is on the rise.
According to the Congressional Budget Office, the top one percent of earners saw their incomes grow by 275 percent between 1979 and 2009 while the bottom fifth of earners experienced just a 20 percent rise in income.
The country’s unemployment rate fell in November has dropped to it’s lowest point in two and a half years, from 9 % to 8.6 percent. But despite the decline about 13 million Americans are still looking for work.
Economist and political Analyst Brent Budowsky says many Americans have just given up looking for work and are no longer being counter by the US government.
In Fort Smith Arkansas –Whirlpool announced about 1000 workers will be losing their jobs, including Raymond Nelms who is saying goodbye after 37 years of employment.