4/4/18 - America’s Economic Challenges
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4/4/18 - America’s Economic Challenges

Promontory Chief Executive Officer Gene Ludwig published an article in Banking Exchange about the economic challenges facing low- and middle-income Americans and the misleading picture of typical economic measurements, such as gross domestic product.

“Economic reality in America is a widening chasm between the wealthy and everyone else, and fueling disquiet in those who struggle economically. Since 2000, median wages for the full-time employed rose by just 3.3%. To say this doesn’t compare with the increases in costs of essentials and avenues for advancement wins a prize for understatement. In fact, critical basics have increased in cost over the same period of time: education 131.7%, housing 58.4%, healthcare 52%, and food 51%.

“We need additional measures to paint a more robust view of the economy, particularly in respect of the well-being of middle-income and lower-income Americans.”

Click here to read the full article.