The U.S. economy added 288,000 jobs in June, well ahead of most consensus estimates. Even better, employment gains in April and May were revised upward by about 29,000. The job gains were widespread across economic sectors, causing the overall unemployment rate to decline from 6.3% to 6.1% in June, a new post-recession low. Notwithstanding the…
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The New York Times recently reported that the American middle class, long the most affluent in the world, has experienced much lower income growth over the last 30 years as compared to citizens of other advanced countries, and has now given up much of its lead. The wealthiest Americans, on the other hand, have been…
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I received a call last year from a woman who’d sounded desperate. “I was just offered an early-retirement package from my company,” she’d said, the words rushed from anxiety, “and I’ve got two weeks to make a decision. Can you help me?” I had groaned inwardly, imagining the late nights ahead struggling to collect the…
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The Federal Reserve just released its quarterly financial accounts report. Household net worth – which includes Americans’ home values and savings, less liabilities such as mortgages and credit card debt – rose to $74.8 trillion. We are now, according to this measure, wealthier than at any point in history. And we’re $6.7 trillion wealthier than…
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A new report from the McKinsey Global Institute (MGI) identifies five large-scale investment opportunities that have the potential to increase GDP by over $1 trillion and create millions of new jobs by 2020. MGI came up with these by first analyzing the structural (that is, long-term) causes of the lackluster Great Recession recovery. According to…
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Dr. Horace “Woody” Brock is an author and economist, and the founder and president of Strategic Economic Decisions, an economic think tank. He believes the growth of “bubbles”– such as the real estate bubble that had such a devastating effect on world economies in 2008 – can easily be controlled. In a recent interview with…
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