Main Street under pressure ...
We can always debate whether home ownership is a birth right in the US or indeed in any modern economy. I suppose most would agree that it should be a realistic opportunity. So incidentally should having a job, supporting your family etc. None of this can be be guaranteed, but it should be within realistic reach for those who work hard.
What does the chart below tell us about the prospects of Main Street in the US since the crisis and throughout what now seems to be commonly known as the "recovery".
(click picture for better viewing)
Source: St Louis Fred
I should note here that I am not a perma bear. In fact, I see the contours of technological advances in the next decade that could greatly transform our societies for the better (e.g revolution of payment systems, 3D printing/manufacturing and robotisation). I am just starting to wonder whether the supposed middle class (you know, those people who sell their labour for a living) will reap any of the rewards of this and what happens when/if they discover that the game is rigged specifically to their disadvantage.