Things are looking up for the rich as usual
by David Atkins
The official unemployment rate is still hovering over 7.5%. The real unemployment and underemployment rate is far, far higher. But no worries: the Dow Jones index just shot above 15,000 for the first time today, reaching a new record high.
And as it turns out, the economic confidence of the wealthy is soaring.
Upper-income Americans’ economic confidence in April pushed out of negative territory for the first time [in five years]. Middle- and lower-income Americans’ economic confidence remained in negative territory at -16 in April, compared with -18 in March and -14 in February.
Sure, everyone else still thinks the economy is terrible. But what do those middle-class moochers matter? The people whose homes in the Hamptons depend on a soaring stock market are doing fabulously. That’s all that counts, right?
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