Despite all the hopeful economic indicators right now, the future of widespread prosperity seems more in peril than ever before. As we’ve been hearing for years, a small demographic segment of earners at the top of the spectrum is continuing to enjoy most of the rewards of our ostensibly booming economy. The rest of the American workforce has been getting by on a household income just ample enough to keep pace with inflation—at best. Our economic boom remains decoupled from the stagnation of most household wealth and the decline of the American middle class.
Ida Rademacher and Maureen Conway at the Aspen Institute posted some thoughts not too long ago on how we need to marry these parallel discussions. They call for Washington to come up with ways to connect the larger trends—which are good for shareholders—with the dire need for economic security out in middle America. Click here to continue reading.
This paragraph was excerpted from Household Prosperity Is Our Key Indicator Of Economic Growth Stimuli by Peter Georgescu (Forbes).
Tweet “If the majority of American households don’t have the savings to offer their families a financial buffer, they won’t engage in the hopeful risks that stimulate economic growth.”
Tweet “Private enterprise is both the culprit and the potential savior for America’s increasingly cut-adrift workforce. Bellwether companies are smart enough to see a disaster in the making and are stepping up.”
Tweet “What’s missing and desperately needed now is a shift in mindset that sees the welfare of workers as the most important factor in long-term economic growth and prosperity.”