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Supply Side Economics Foiled Again
Posted: Wed Nov 29, 2006 6:10 pm
by BSmack
Despite significant gains in 2004, the total income Americans reported to the tax collector that year, adjusted for inflation, was still below its peak in 2000, new government data shows. Reported income totaled $7.044 trillion in 2004, the latest year for which data is available, down from more than $7.143 trillion in 2000, new Internal Revenue Service data shows. Total reported income, in 2004 dollars, fell 1.4 percent, but because the population grew during that period average real incomes declined more than twice as much, falling $1,641, or 3 percent, to $53,974.
http://www.nytimes.com/2006/11/28/busin ... ref=slogin
I guess a rising tide does sink all boats?
Posted: Wed Nov 29, 2006 7:00 pm
by BSmack
mvscal wrote:I guess you don't know what the fuck you're talking about again.
Tax Cuts + Uncontrolled Defecit Spending= Lower real wages
Posted: Wed Nov 29, 2006 7:05 pm
by Cuda
You clearly don't know what the fuck you're talking about, Monica- as evidenced by your quoting the NY Times.
There was a significant economic downturn from mid 2000 until late 2003, due in large part to the dotcom bubble going bust and the 9/11 attacks.
The "rising tide" had barely started by the end of the time period they're using.
Gee, do you think it could be a coincidence?
Posted: Wed Nov 29, 2006 9:42 pm
by BSmack
Meanwhile, the dollar has fallen to 15 year lows against the pound. So not only are wages lower relative to inflation, they are also lower relative to the rest of the wold as well. Good thing we don't depend on imports or anything.
Posted: Sun Dec 03, 2006 9:30 pm
by smackaholic
they cite wonderful 2000 "earings". How much of those earings were fictional dot bomb windfalls that evaporated shortly thereafter?