August 20, 2007

The right frequently seems genuinely mystified as to why so many Americans tell pollsters how unsatisfied they are with the economy. Bush and his allies frequently say, “Look at GDP and unemployment rates! You guys should be thrilled! What kind of idiots are you people?” Maybe news like this will help conservatives better understand the widespread discontent.

Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows. […]

The combined income of all Americans in 2005 was slightly larger than it was in 2000, but because more people were dividing up the national income pie, the average remained smaller. […]

Total income listed on tax returns grew every year after World War II, with a single one-year exception, until 2001, making the five-year period of lower average incomes and four years of lower total incomes a new experience for the majority of Americans born since 1945.

Got that? Income growth not only stopped after Bush took office, but the last five years are unprecedented in the post WWII-era.

Melissa McEwan, Steve M., and hilzoy have more.

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