The latest report on U.S. paychecks offers a grim insight as to how bad the economy remains. While Wall Street might see significant and repeated increases over the recession numbers set in the middle of the last decade – but growth that the individual feels has still been hard to come by. Economists continue to estimate that growth is coming, and judging from the economic figures released by the major entities in our economy – things do look good on the surface. However, a deeper look at individuals personal economy, and how “stuck” those figures are really shows just how bad things remain.
It is impossible to estimate that either success, or failure, is going to come in one form or another – and there is certainly no single answer that will solve all of the problems. However, there is something to be said for how even the little adjustments can make a serious difference in an individuals life. Even more impressive, it is amazing how that small adjustment – like a slight raise in pay can give way to sweeping economic positives that are read and felt across the board.
The news struck late this week that U.S. paychecks had the slowest growth in the last quarter of business since 1980. That is an impressive figure because it doesn’t deliver like people would ordinarily expect to here. The numbers people are used to hearing, relate to things like an unemployment rate, or the size of the workforce. In fact, many have argued that the strong hiring seen in recent months would equate to general success or improvement in the economy. However, that simply hasn’t been the case, and this number, which is the lowest or slowest it has been in the last 33 years showcases that very fact.
When it comes right down to it, this has been something that President Obama has worked hard to push away. The notion that the economy is not as improved as one would be led to believe is a universal logic to this point, and a viewpoint that many still share. However, there have been improvements to the overall economy. The real problem is that those positives haven’t been felt in individuals personal economy. That is where the gap remains today, and that has been a major conversation piece regarding the race for the White House. As candidates ramp up their efforts to win the nod from their respective parties, a major piece of this has been selling what they believe would be positive change in terms of the economy.
Even with as great as things have gotten from when they were terrible during the recession in the middle of the last decade – we are still a great distance from being poised in a position to be truly successful in the long-term.