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I'm wondering how much of the problem with the average American has to do with things other than real wages. (BTW, do we know how real wages have fared in the U.S. over the past couple of decades?)
What about other issues such as the savings rate or the debt-to-income ratios of the average American household?
Jobs will get back on track when the economy does, not before. And we won't know it's happening until after the fact. It will be a long, slow recovery. Few people are expecting otherwise.
The next time around, I hope many will have learned some hard lessons. You cannot go about your business expecting something like this cannot happen.
Is it perhaps that too many were reaching too far for the American dream?
You have to know the risks. You then have to know how much you are willing to take.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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