A man stops to lean against a building as pedestrians walk past while he looks down at his Apple iPhone on 5th Avenue in New York.

A man stops to lean against a building as pedestrians walk past while he looks down at his Apple iPhone on 5th Avenue in New York. (Reuters)

Lou Dobbs: It’s Time to Resuscitate the Middle Class

By Economic Indicators FOXBusiness

Tuesday’s Republican debate will be focusing on economic issues, including how to restore prosperity to this country for all Americans, how to strengthen our middle class and create more good-paying jobs.

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On Friday, we found out that the economy added 271,000 jobs in October with the unemployment rate falling to 5%.  But those numbers don't reflect reality for millions of Americans still struggling to find a job.  The number of Americans who are currently working or actively looking for work is at 62.4%, the lowest level since 1977. Median household income has actually fallen since President Obama took office in January 2009.

Too many of our middle class, and those who aspire to it, have been pushed out their houses and are for the most part done forever with the stock market following the 2008 financial crisis, the worst since the Great Depression.

The rate of homeownership is near a half-century low.  Imagine, the percentage of Americans owning homes is below 64%, and there are fewer people who are buying their first home.  The number of first-time home buyers is at its lowest level in nearly three decades.

As for the stock market, the Dow Jones Industrial Average and S&P 500 have more than doubled since Obama took office, but the majority of Americans are missing out on those gains because fewer than half of Americans now own stocks, according to the Federal Reserve.

For too many of our fellow citizens things aren't going well. Nearly two-thirds of Americans say the country is headed in the wrong direction. All of these fundamental issues will be examined in Tuesday night's debate hosted by FOX Business Network/Wall Street Journal because the future of our economy and middle class depend on it.

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FOX Business Network and the Wall Street Journal will present two Republican presidential primary debates in conjunction with the Republican National Committee (RNC) on November 10, 2015. The debates will focus on the economy and be presented live from the Milwaukee Theatre in Milwaukee, WI, on FBN and FOXBusiness.com. Debate coverage begins at 7PM ET.

 

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