BY: Todd Horwitz, Host & Senior Contributing Analyst
PUBLISHED: July 14, 2015
Bubba introduces Yoda and Backpack. Backpack quizzes Bubba about the results of the 2008 banking collapse. Bubba maintains that depends on your prospective. If you were rich then, you are richer now. If you are on entitlements you are better off, but if you are a hard working American you have not benefited whatsoever, in fact your standard of living is less than it was in 2008.
Bubba comments on the mess in Greece and his belief that they will never recover. He compares the country to an episode of Seinfeld where George keeps selling the business for less. Backpack asks Bubba what the average Greek citizen is experiencing; he maintains that it is a nightmare that is not going to end soon. They have no access to cash and what little of their own money they can get their hands on is not enough to cover expenses.
Backpack and Yoda want to know what kind of growth we have. Bubba responds that we are not creating good solid jobs in manufacturing and construction that the economy has rotated over into a service business and that these jobs are for minimum wage. Bubba uses the example of what happens when a company such as Microsoft lays off people and the trickledown effect that has on the economy.
Yoda comments that when he was involved with Europeans that he noticed that they saved, and he comments that Americans don’t do the same thing. Bubba disagrees, he believes that the reason that Americans don’t save is because they don’t have enough disposable income. Bubba cites statistics that show that the financial world is dividing. The rich keep getting richer. The entitlement society allows the bottom to stay alive and the middle class is getting squeezed to death.