FT news and El-Erian. There is a real worrisome human dimension to all these indicators. More Americans are struggling to earn enough to maintain their standard of living. A significant portion of people who are unemployed have been for so long as to materially reduce the chance of getting a job any time soon. And the “crisis of middle class America,” as detailed by Edward Luce in last Saturday’s FT, will get worse.
My point. High unemployment may lead to social unrest. It may not happen in America. But it is happening in other countries.
These are issues far beyond healthcare, energy independence, Fannie and Freddie, and financial regulations.
Buying GM does not help. The rest of the country is in real trouble. We are facing something much more serious than "double dip". An unprecedented loss of purchasing power and income. For all of us.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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