Monday, May 24, 2004

"The Best Economy In A Generation"?

U.S. Workers' Wages Lag in Recovery While Company Profits Soar
U.S. corporate profits surged 87 percent from the third quarter of 2001 to the end of 2003, according to Commerce Department figures. Wages and salaries grew 4.5 percent.

The increase in workers' pay was the smallest for the first nine quarters of any recovery since World War II, said Barry Bosworth, who directed the White House Council on Wage and Price Stability during Jimmy Carter's administration. After inflation, real wage gains were 1.1 percent, Bosworth said.

I am guessing that won't be any questions relating to this on the Growing Economy Quiz over at the Bush Campaign's homepage.

On an unrelated note, it is a bit odd that Bloomberg ran something like this. It is after all a news service that targets investors and is owned by a multi-billionaire Republican politician, yet the story they cover certainly has a radical element to it and they quote experts from the center-left Brookings Institute and the leftist Economic Policy Institute (home to Comrade Max. I guess this supports the observation among many media critics that the financial press' reporting, particularly wehn it comes to matters that have a political angle, is often a lot better than more mainstream outlets, since their clients demand accurate information to make business decisions and have no time for what passes for fairness and balance.


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