Ummm, really? "Recovery"? You must not pay attention to the global economy that much.
This article is discussing a very focused and narrow perspective, which is pretty much BS anyway. The middle class is no longer the consuming class, nor will it ever be again; the middle class will vanish and merge into the lower/labour-oriented class. The upper 10% already consume at 40%, while the middle 70% consume at 46% and the lower 20% consume at 14%.
Consumption is changing in terms of the underlying social foundations. Also, there is no recovery, it's an illusion, and corporate America is not coming back. When companies stop outsourcing and come back to America and create an industrial and manufacturing economic base that pays well and provides workers rights (which will never happen), then you can talk about "corporate America coming back."
We are on the verge of a global debt crisis. What's happening in Greece is going to spread - through Portugal, Spain, Italy, Ireland, the rest of the euro-zone nations, the U.K., Japan and all the way to the United States; this is a GLOBAL debt crisis, which will make the housing crash of 2007/08 look like a walk through the park.
The derivatives market has not been subject to ANY reforms or regulations or changes, thus, as countries collapse under their debt burdens (which were rapidly accelerated and exacerbated through bailing out the banks), major hedge funds and global banks (which were bailed out), will use that bailout money in the derivatives market to cause capital flight and bet against nation's debts, as they are doing in Greece, thus further exacerbating the fiscal crisis.
Countries of the west will be forced to impose "fiscal austerity measures" to attempt to reduce their debts. "Fiscal austerity" means rapidly increasing taxes, drastically cutting social spending, and increasing interest rates, causing inflation. The rest will be as it has been throughout the Third World as the west has been doing this to them since the 1980s debt crisis: the public sector will be devastated, massive layoffs in education, health care and social services; people will be forced to retire at an older age, taxes will dramatically increase; thus, you have an enormous amount of newly unemployed people paying much higher taxes. Poverty becomes widespread and all-encompassing. This is the 'default' of the middle class. As interest rates rise, payments on debt rise; an entire generation of students and new graduates will go into the worst job market in history and will be forced to take on labour and services jobs, desperately attempting to pay student loans they will never lose. With the average American family in roughly 38,000 debt, they too, will default. The middle class will vanish.
This is the Post-Industrial Revolution. The Industrial Revolution created the nuclear family, and the post-industrial revolution will deconstruct the nuclear family, as there is no way that a small family will afford a house; the statistics are already showing a noticeable increase in the trend of having multi-generational families living under one roof. Suburbia will alter, as lawns will be replaced with gardens for food, since inflation will make food so expensive. Food and fuel are the key indicators if dramatic inflation.
Further, as a result of "fiscal austerity", the government will rapidly privatize state assets; highways and roads will be privatized, bought up by multinational corporations that install tolls on the roads, while the entire infrastructure and resources of the nation are sold to banks and corporations for pennies on the dollar. The currency will be devalued, leading to inflation, but also making it cheaper for multinational banks and corporations to buy up all the assets. Then there will be, as there has always been in these cases, a "liberalization" of markets, meaning that foreign capital, i.e., the major banks and corporations of the world, will find it increasingly easy to move capital in and out of the nation. The derivatives market will flourish as banks and hedge funds can quickly move capital in and out of a country, betting against its currency and fiscal situation, which will allow these banks to make a profit on the destruction of nations.
Good thing we bailed them out!
For the life of me, I can't understand why people keep listening to the SAME people who have proven themselves NOTHING BUT WRONG in the past. All the people who "didn't" see the crisis coming, are the ones saying we're in a "recovery." These people have been, in the least, completely ignorant, or at worst, purposefully misleading and deceptive. Many of the KEY individuals from the Clinton administration who were instrumental in creating the conditions and facilitating the systemic problems that created the crisis, were then brought in to "solve" it under Obama. So the people that CAUSED the crisis, are now in charge of the "solutions". These people have done nothing but fight tirelessly for the rights of global bankers to screw the people.
This isn't a partisan issue, stop focusing on the illusion of "democrat" versus "republican". They are both lying, bought and paid for parties, that fuck everyone over and are owned by the same financial oligarchy.
Maybe, and perhaps this is just me, but maybe... it would be smarter and more... accurate.... to get your information on the economy from those who accurately predicted the last crisis. What are they saying? Rogoff, Stiglitz, Simon Johnson, William White, et. al. They're talking about a global debt crisis and resulting "fiscal austerity". They are talking about how, fiscally speaking, the United States is a "deconstructed Third World nation."
So I ask you: what recovery?