How The Great Recession Crushed The Middle Class
They do not want a middle class
Middle class is thinking on their own. Politicians and rest alike do not want their slaves to think anything else but what they are told
Expect Global Recession Next Year: Citi's Buiter
Citigroup's Chief Economist Willem Buiter shared his pessimistic view of next year's global economy outlook during hispresentation at the Milken Institute London Summit on Tuesday, noting for CNBC how China, Brazil and Russia are heading towards an economic downturn.
The slowdown "is not confined to China by any means," he said. "The policy arsenal in the advanced economies is unfortunately very depleted, debt is still higher in the non-financial sector than it was in 2007. So we are really sitting in the sea watching the tide go out and not really able to respond effectively to the way we should."
Buiter predicts that global growth will fall below 2%, resulting in higher unemployment in many of the emerging markets economies, as well as in many advanced economies.
Countries like the US or the UK might not experience the worst effects of a coming recession, but global growth would be "well below trend" with a "widening output gap," the Citi economist said. There would a number of other "dysfunctionalities" as a build-up since the 2008 global financial crisis.
Investors have been rattled by China's slowdown and emerging markets turbulence this year, and also concerned about a lack of clarity over a rate hike by the US Federal Reserve.
We are going to remember these days as "good old days" when they finish with us
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
William Dudley, the president of the New York Federal Reserve, spoke yesterday about the state of the New York, New Jersey, and U.S. economies.
The quote you need to know: "There have been significant and long-lasting changes to the nature of work," he said. That's true, both in the Empire State and nationwide. And though the changes began prior to the Great Recession, they have accelerated since its end.
New York Fed senior economist Jaison Abel then gave a follow-up presentation that pinpointed what Dudley was referring to: middle-skill jobs are vaporizing.
First, here's how the skill levels are defined:
Here's what happened in the country at large. During the Great Recession, middle-skill jobs plummeted 9.3%:
read more