Economist Jared Bernstein explains why the kitchen table economy is suffering:
This disconnect between productivity and living standards is one of today’s most important, and most unsettling, economic dynamics. It’s obviously not the only salient problem we face — the extent of our fiscal and international indebtedness is also worthy of our attention. But I see these all of a package.Read more here.
It’s a package tied up with a YOYO. That’s the acronym for “you’re on your own,” which over the past few decades has become a disturbing and destructive thematic embedded in our economic policy
(Hat tip to Kevin Drum at Political Animal.)