We were NEVER in a recovery

This morning, I received an email from the brilliant and humble economist, Richard Wolff, author of Capitalism hits the Fan. Using one simple chart from the EPI (the non-partisan Economic Policy Institute in DC), he elegantly and concisely describes why that which the media tends to refer to as a recovery, has never felt like a recovery to most of the people in this country. 

I constantly rant and write about the fact that the main economic condition of individuals has never recovered (or in other words, banks who got trillions of dollars of back-up don't like to share), so the notion of talking about a 'double dip' recession is illogical. His piece shows that only certain corporate profits (and hence, their stock prices) regained some ground. This has translated into a few positive GDP figures (though in true political shell-game fashion, these keep being revised downward) which in turn have been used by Obama, Geithner, Bernanke, and others vested in their own egos, to justify the bailouts, subsidies, Treasury Department and Fed actions in 2008 that apparently saved us from some even more horrific fate. Yet, every measure of daily economic life: housing, jobs, health care per cost, personal bankruptcies, etc - has only shown deterioration since. 

Here's his piece. What do you think?