Saturday, March 8, 2008

The end of the not-so-good "good times"?

I suspect that deep down many of us were highly skeptical about how "wonderful" the economy was doing this decade. Now that a recession seems "inevitable" to the pundit class, all I can say is "welcome to my world":
And if the good times have really ended, they were never that good to begin with. Most American households are still not earning as much annually as they did in 1999, once inflation is taken into account.
Although the number of billionaires seems to keep going up, the actual median household income has been dropping from its peak in 1999. Being ever the optimist, I expect that the drop is only beginning.

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