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Monday, December 05, 2005
Median households
Here's Krugman on GDP v. actual families:
It should have been a good year for American families: the economy grew 4.2 percent, its best performance since 1999. Yet most families actually lost economic ground. Real median household income - the income of households in the middle of the income distribution, adjusted for inflation - fell for the fifth year in a row. And one key source of economic insecurity got worse, as the number of Americans without health insurance continued to rise.
I'm a Krugman fan, but that strikes me as implausible. Is it really true that median income has fallen 5 years in a row?
Know what? I'm sure it is true. I'm sure median household income has fallen, though remained essentially flat, for the last 5 years. What I don't believe is that people re-elected the bonehead responsible for diverting our national wealth toward those whose pockets are already full to bursting.
