Falling incomes

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?

2 thoughts on “Falling incomes”

  1. Ken, please start the task of fixing the problem. I fear that all you and many who react similarly have to offer is your sarcasm. Plesae feel free to start a company and pay your employees a bundle.

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  2. Gina — your chastisement is warranted and accepted. Some times the frustration with the inattention to these issues here in Washington boils over into too much sarcasm. As far as starting a company goes, being a policy wonk and having started a struggling think-tank, Athena Alliance, I feel I can contribute right now more by focusing on the policy angle than going off an becoming an entrepreneur. Who knows, that might change some day. In the mean time, I would heartily encourage others to, as you imply, to go out and be part of the solution.
    And by the way (since this is a struggling think-tank), we are a 501(c)(3) and welcome contributions.

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