Three trends are shaping the economic welfare of Americans, their families and their

communities. First, since 2000, labor share, the share of output accounted for by employees'

compensation has trended downward. Currently, the share sits at a level lower than 1947.

Second, since the 1980s, earnings growth has lagged productivity growth. That is, the growth of

usual median weekly earnings has been slower than the nation's productivity growth. Finally,

during the 1980s, income inequality began to expand. The Census Bureau recently reported that

although inflation-adjusted wages of the typical American have risen since the "Great

Recession", income inequality is at its highest level ever recorded.

Last year the Federal Reserve and Unite Way of Northern New Jersey reported the following.

40% of adults don't have enough savings to cover a $400 emergency expense

(unexpected medical bill, car problem or home repair).

43% of households can't afford the basics to live. They aren't earning enough to

cover the combined costs of housing, food, child care, health care, transportation

and a cellphone

More than 25% of adults skipped necessary medical care last year because they

couldn't afford it.

38.5 percent of New Jersey households live at or below the A.L.I.C.E. threshold,

up from 33.7 percent in 2010. This increase occurred as the state's unemployment

rate fell from just under 10.0 percent to below 4.5 percent.

Question:

The above evidence suggests that although the economy had set records at the aggregate, it was

unable to improve the economic well-being of not only young less-educated Americans but even

prime-age adults. Or according to the Biden administration how does today's economic anxiety reflect the problem that many Americans'

personal consumption has not fully recovered from the "Great Recession"?