Unemployment rates are low, economic growth is (rather) stable and the Great Recession ended. Donald Trump is praising stock market records but people in the US are struggling anyways. Annie Lowrey calls this in her recent article for The Atlantic “The Great Affordability Crisis”.
She details how living in the US has become unaffordable in some areas for ordinary people and how rising inequalities have been supported by recent policy actions:
“In one of the best decades the American economy has ever recorded, families were bled dry by landlords, hospital administrators, university bursars, and child-care centers. For millions, a roaring economy felt precarious or downright terrible.” – Annie Lowrey
The paradox she is describing supports the main hypothesis of the Forum for a New Economy in that it is time for a new economic paradigm. Apparently, the old economic structure is not able to benefit all the people – even in times of superficial economic prosperity.
It is a paradox partly explained by the rising divergence between wages for workers and the exponential rise in costs for basic means of existence like health, housing and education. It seems that if an economic paradigm is not able to provide these for its people, it is time for a new one.
See the full article of Annie Lowrey in the Atlantic here: The Great Affordability Crisis