Why the Economic Recovery Stinks on Main Street

The results of today’s University of Michigan Consumer Sentiment Survey only reflect what I’ve been hearing on my radio show and in emails from my readers: Wall Street may be generating huge profits and paying out even bigger bonuses, but life is tough on Main Street:

- Sales and existing homes are up slightly, but down from a year ago - and way down from the peak of the housing boom in 2005.

- Home prices are down.

- More than 27 percent of Americans are underwater with their mortgages.

- Credit is being sliced and biced.

- True unemployment is very high.

- Unemployment benefits are running out, causing near panic for some families.

- If you have a job, you're happy to have it - although odds are you've taken a pay cut.

- Loan modifications are frustratingly hard to get.

If you look at Wall Street, where the stock market has gone up 50 percent since March 9, you’d think everything was coming up roses.

Life on Main Street, where the American Consumer accounts for 70 percent of the economic engine, just doesn’t smell that good.

Read my full article, and elaborations on the bulleted points above at my CBS MoneyWatch blog. CLICK HERE TO READ IT.