Saturday 6 February 2016

Why US people are angry - BBC


Not hard to figure out Sherlock. I can't imagine in Australia household incomes actually falling, but it's happened in the US. Despite a so called economic recovery, there remains a huge drop in income for the middle class whilst the mega rich make hay.
"The failure of the economy to deliver real progress to middle-class and working-class Americans over the past 15 years is the most fundamental source of public anger and disaffection in the US," says William Galston, an expert in governance studies at the Brookings Institution think tank. 

Although the country may have recovered from the recession - economic output has rebounded and unemployment rates have fallen from 10% in 2009 to 5% in 2015 - Americans are still feeling the pinch in their wallets. Household incomes have, generally speaking, been stagnant for 15 years. In 2014, the median household income was $53,657, according to the US Census Bureau - compared with $57,357 in 2007 and $57,843 in 1999 (adjusted for inflation). 

There is also a sense that many jobs are of lower quality and opportunity is dwindling, says Galston. "The search for explanations can very quickly degenerate into the identification of villains in American politics. On the left it is the billionaires, the banks, and Wall Street. On the right it is immigrants, other countries taking advantage of us and the international economy - they are two sides of the same political coin." BBC

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