Jon Henke of QandO fame takes a critical look at the supposed argument against the Bush Adminstration that “real wages” have not risen:
With the economy growing rapidly and the unemployment rate hovering around 5 percent, it’s getting harder and harder for critics to find current economic statistics about which they can register concern. Gone are the days when pundits (or political candidates) could compare the current economy unfavorably with the 1970s with a straight face. Economic criticism — dropped with a poker face during the ?04 campaign — has become an exercise in slogging through obscure statistical data to dig up ever smaller “ah-hah” moments.
Not everyone is going to have the time or patience to read this article. For those willing to learn, this is a real eye-opener against the “real wage stagnation” argument.
Finally, it’s also worth noting that Real Disposable Personal Income — the inflation-adjusted portion of compensation that we the proletariat get to pocket (i.e., spend or save) — has risen by 3.1 percent, 2.4 percent and 3.4 percent over the past three years.
One of many gold nuggets in this article. Kudos, Jon.