Wednesday, April 9, 2008


Most of the economics blogs are highlighting an article in today's NY Times that notes that during the recent Bush "boom", wages were stagnate unless you made a gazillion/year.

The bigger problem is that the now-finished boom was, for most Americans, nothing of the sort. In 2000, at the end of the previous economic expansion, the median American family made about $61,000, according to the Census Bureau’s inflation-adjusted numbers. In 2007, in what looks to have been the final year of the most recent expansion, the median family, amazingly, seems to have made less — about $60,500.
While I'm glad this is being reported, it's hardly new news. And now that the "home ATM" is closed, we have a recession. As long as American's were able to continue to buy their Escalade's using home equity, no one cared. Wonder if voters will care now?

No comments: