What is the American dream? A good job at a decent wage. This matters even more than owning your own home.
A pair of historical charts show that this dream ceased to be a reality in 2008. They show that total non-farm employment declined in 2001, then shot up in Greenspan’s bubble. But employment fell like a stone in 2008-10, and it has not yet recovered to where it was in 2001.
Meanwhile, the population grows. The number of potential workers reaching age 18 keeps rising. The jobs are not there.
This is changing American attitudes toward the future. A pessimism is now spreading in the age groups that will make- or break the economy: the young. If they cannot find jobs, where will Medicare and Social Security get the future tax payers?
The cause of the problem is too much government spending. Tea Party people see this. Congress doesn’t. The Keynesian economists who dominate academia don’t. So, the deficit rises, but employment doesn’t.
Click the link to see the two charts.