Approaching six years since the 2008 crash, the financial markets have not only recovered their losses, they have surged far above their peaks in 2000 and 2008. The enormous redistribution of wealth from the majority of society to the super-rich that has taken place since the 2008 crash is expressed in these figures.
A new financial bubble has been inflated. The growth in stock values is out of joint with the state of the real economy, which has grown by an average of only 1 percent over the past five years, compared with the post-World War II average of 3.3 percent.
While Wall Street celebrates, the economy is gripped by mass unemployment and falling wages. This is reflected in the latest retail sales figures, which barely budged in the first quarter of the year, as cash-strapped consumers reined in their spending. While stock prices have nearly tripled since March 2009, the income for a typical household in the US fell by 8.3 percent between 2007 and 2012.
OBAMAnomics AT
WORK: STAGGERING POVERTY FOR AMERICANS. JOBS and WELFARE FOR ILLEGALS.
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