Random Thoughts About the Economy, Jobs, & the Future

This stand-alone post combines two thoughts on stories I heard today

I spent the last two weeks reviewing and analyzing consumer family finance data released by the Federal Reserve Board. Some of the findings boded ill for most Americans. Several stories I heard today seemed to continue the implications presented by the report. I wanted to share those stories and my thoughts about them.

Jeff Faux’s Book The Servant Economy

I listened to the Diane Rehm Show this morning. Her guest was Jeff Faux the founding president and distinguished fellow at the Economic Policy Institute. Mr. Faux recently published his new book The Servant Economy: Where America’s Elite is Sending the Middle Class.

He made several points during his discussion. Since the transcript is not available until later, I take the following comments from Powell’s Books review of The Servant Economy. It describes the same issues I heard discussed.

• Government’s abdication for the “responsibility for shaping the future
• A savage indictment of Wall Street financiers and their Washington toadies who promote an age of austerity for the people and an age of gluttony for themselves
• Twentysomethings laden with college debt will become thirty- and fortysomethings still stuck in low-paying jobs
• Elderly who will have to work until they die.” (the premise of my new book Barriers to Retirement: 10 Reasons You May Not Get to Retire) 

Canadians are Wealthier Than American’s

Then, I heard this report from Time “Over the past five years, the average net worth of Canadian households has exceeded that of American households.  So for the the first time in history, Canadians are wealthier than Americans — by more than $40,000, on average. In 2011, the average net worth of a Canadian household was $363,202, compared to $319,970 in the U.S., according to Environics Analytics WealthScapes data published in the Globe and Mail. (‘Average net worth’ measures the total combined value of a household’s liquid and real estate assets, minus debt.)”

Does any one else find these issues very disturbing?

Friday I would like to honor Stephen Covey who passed away this week