Breaking news from the Wall Street Journal – Fed Study Finds Drop In Household Incomes:
Average U.S. household incomes fell in the 2001-04 period after adjusting for inflation, and growth in household wealth slowed sharply from the previous three years, according to Federal Reserve data released Thursday.
The Fed’s most recent Survey of Consumer Finances shows real average household income shrank in the latest three-year period covered after growing by more than 10% in both the 1998-2001 and 1995-98 periods.
Average household net worth still rose 6.3% on an inflation-adjusted basis, “however, the measured gains in wealth in the 2001-04 period pale in comparison with the much larger increase of the preceding three years,” according to a summary of the Fed survey results.
Like, duh, this is news? Tell me something I didn’t already know.
Ok, please forgive the sarcasm. But can we now stop the “everything is just fine” rhetoric and get on with the task of crafting solutions?