The response from yesterday’s post on what does the beginning of an economic collapse look like rang true with plenty of people as comments and links through the post were the highest in years. And of course I thank you all.
Judging from the responses this current situation is most prevalent with most of America. If you live 200 miles from the ocean — either Atlantic or Pacific — you have the sense that your former way of life has vanished.
As one commenter said — and I paraphrase — I may not be that connected to the economy, but in my area this is exactly what I see.
Look at the latest report from ADP — the payroll services company — which said Wednesday that the US added 177K jobs in August. None in manufacturing or construction.
So we add bartenders, home health-care workers and other service industry jobs paying minimum wage or less and wonder why we can see economic growth.
At some point the Federal Reserve has to look at the quality of the jobs created and not the quantity.
Our slipping way of life is at stake here, and many average Americans understand that, does Janet Yellen?