If you thought Americans were better off financially than a few years ago, the following chart shows that's not the case for most of us.
Instead, it looks like an economic recovery for the rich.
economic recovery definition
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This Chart Shows the Economic Recovery is Mainly for the Rich
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Forget the Doom-and-Gloom, Now Is a Time to Be Bullish
A little girl named Carol Anne became famous for saying "They're h-eee-rrr-e" in the 1982 movie "Poltergeist."
She was talking about the "TV people."
Well, we have our equivalent digital denizens, and they're also returning in force lately. Except ours are largely from the investment shadows, awaiting the next opportunity to brandish heavy fear tactics to convince you the energy market is about to collapse... again. (These guys have correctly predicted eight of the last three recessions.)
At issue this time is the latest financial obstacle the market must overcome: the sequestration scheduled to hit a week from today. The draconian cuts will occur automatically, although it will also take at least a month for them to have any impact. Of course, the markets are not going to wait that long. For the past two days, the first wave of nail biting started.
But I urge you to ignore those talking heads - and as Congress gets back to "business."
Here's why.
Our Economic Recovery has been Hijacked
Money Morning Chief Investment Strategist Keith Fitz-Gerald joined CNBC Asia's "Squawk Box" program to discuss U.S. President Barack Obama's new jobs proposal. President Obama is in a tough spot, trying to get approval for new tax increases to pay for a $447 billion jobs package -- and Fitz-Gerald said it's unlikely he'll be able to […]