This shouldn’t be news to anyone paying attention. Another bit of evidence of the increasing irrelevance of standard economic indicators for the wellbeing of average everyday people. According to Jon Ortiz, a recent Field Poll shows
- “The disconnect between attitudes about personal finances and larger economic conditions runs counter to conventional wisdom.”
- “More Californians have been negative than positive about the state’s economy for 13 years in a row.”
The article quoted Andrea Torain, a laboratory supervisor for UC Davis, “The jobs being added aren’t jobs you raise a family on.”
This disconnect has been evident for a while, especially following the popping of the dot.com bubble. Most of the most watched indicators don’t clearly reflect the impact of rising economic insecurity, particularly those most relevant to middle class and aspiring middle class families. The standard output-job-income-inflation yardsticks don’t reflect factors such as skyhigh higher education costs, diminishing pension and health benefits, unaffordable day care costs, the proliferation of part time and contingent employment, and so on.
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