Is The Economy Growing Or Not?
Is the economy growing or not? This is a topic of much debate and confusion, from elite academics on college campuses to Wall Street traders sitting in their Manhattan towers to couples arguing over bills at their kitchen table. There are plenty of metrics to suggest that the economy is in fact growing, as stock indices like the Dow Jones and NASDAQ have recovered from 2008 lows to not just recover previous levels, but also hit new highs, setting all time historical records. Unemployment is also a healthy but not perfect five to six percent.
However, are things as rosy as indicated? There are a number of reasons to wonder if the economy is doing as great as the numbers say. For starters, much of the job growth has gone towards customer service and retail oriented positions such as food service and the like. While this creates jobs, they are not high paying jobs, and many people who have found work again do not have nearly the income level that they used to a decade ago.
On top of this, the employment numbers do not count people who stopped looking for work as unemployed. Such individuals in many cases simply gave up because they were tired of not finding anything.
The partisan gridlock and rising costs of entitlement programs being strained by Baby Boomers starting to retire are factors that can overwhelm the healthiest of economies, and with a vicious and nasty presidential election going on, the level of uncertainty is sky high.
The failure to resolve the conflict in Syria means the Middle East could destabilize at any time, but anything sure to send ripples through the global economy could be related to Brexit and the potential dissolution of the European Union if more members choose to withdraw.