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Friday, April 28, 2006

Good News! The Rich Get Richer - Extra! March/April 2006

Lack of applause for falling wages is media mystery
By Janine Jackson

The Bush administration made a concerted effort to trumpet a ?booming? U.S. economy in early December, widely understood as an attempt to reverse what polls indicate to be the public?s largely negative views on the matter.
There are, of course, obvious reasons the majority of Americans dissent from the White House?s rosy presentation of the economy: Most American households are not, in fact, seeing their economic fortunes improve. GDP is up, but virtually all the growth has gone into corporate profits and the incomes of the highest economic brackets. Wages and incomes for average workers, adjusted for inflation, are down in recent years; the median income for non-elderly households is down 4.8 percent since 2000 (Economic Policy Institute, 8/31/05). The poverty rate is rising, as is the number of people in debt.


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