What to believe, what to believe, when it comes to this economy of ours.
For years now, in what has been, at best, a most uncertain “recovery,” the look and feel of job growth and stability for average, middle-class folks has been lousy. It’s difficult to believe the “official” employment data put out by the government these days, as those figures that paint a picture of an ever-decreasing national unemployment rate are known by even casual observers to mask the realities of underemployment, as well as the number of citizens who’ve become so disillusioned by job prospects that they’ve stopped looking for work altogether.
Confusing this, too, is the rise of the so-called “gig” economy, where more people who used to work in stable positions as employees for companies are now making money by working for themselves; the truth is that many of them plug away as independents these days because they cannot find quality work elsewhere.
The bottom line is that things just haven’t been that great for middle-income working men and women in America for quite a while now.
On that note, enter William Dudley, the president of the New York Federal Reserve, who said on Thursday that “the tide has begun to turn for the middle-class worker in America. For the first time in quite a while, gains in middle-wage jobs actually outnumber gains in higher- and lower-wage jobs nationwide.”
The New York Fed’s research on the subject discovered that between 2013 and 2015, middle class jobs grew by 2.2 million, while only 1.2 million such jobs were picked up by the economy between 2010 and 2013.
If Mr. Dudley is right, it’s good news, but who really knows, anymore?
Once again, what to believe…
By Robert G. Yetman, Jr. Editor At Large