How is it that stock markets are up, equities are up, and yet people in general are feeling rather pessimistic about their own prospects and the nation overall, according to a CNN recent poll. How is this? Easy and simple -- jobs.
If you own stock, real estate and equities, then chances are you are one of the lucky few who are in the ownership class in America -- and maybe even amongst those making $100,000 or more annually in income (which also means that you are gainfully employed. You have a job).
But if you are unemployed, or if you are one of those as reported by the New York Times are amongst a class increasingly viewed as permanently unemployed, or those who have been jobless for 6 months or longer, you may not be feeling so rosy. 4 out of 10 Americans actually believe that the economy is getting worse.
The reality is that the economy, and even the economic structure itself has changed radically over the last 20 years, with big companies generally shedding employees in a preference for technological upgrades and efficiencies, and any new traditional major industry employment growth coming from low cost job producers, such as WalMart.
In 1974, approximately 4% of all jobs came from AT&T, which was a high salaried employer. Today, 1% of all jobs in America come from WalMart, respectfully a lower salaried employer.