There are two lines that will tell you the story of the American economy right now. The first is the one President Donald Trump talks about — a lot: the Dow Jones Industrial Average. It’s an index that measures the stock prices of 30 of America’s largest and most representative companies. It tracks the value of Apple, Caterpillar, Coca Cola, Goldman Sachs, and companies like that.
The other line isn’t on a graph. It’s an image of thousands of cars lined up to get food for Thanksgiving at the North Texas Food bank in Dallas. In one week, the food bank distributed 6,000 pounds of food, including 7,280 turkeys — enough to feed 25,000 people this Thanksgiving. That’s just one food bank, in one American city.
There are two lines that will tell you the story of the American economy right now.
Those two lines tell the story of the “K-shaped” recovery in America. The top line of the “K” is up and to the right, for the investor class. The bottom line is down and to the right, for the working class, the working poor and the unemployed.
The number of people filing for first time unemployment benefits has risen to 778,000 people last week — more than three times the rate a year ago. Unemployment has run out for many Americans. read more..