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May 05, 2006
Quick hit
A rising tide that lifts only yachts - Los Angeles Times
I swear normal blogging will begin soon. But for now:
the median household was no more likely to move up the economic ladder during the 2003-04 expansion than it was during the 1990-91 recession. Think about that for a second — the average household's income was just as likely to increase during the last severe recession as the latest expansion. For most, the good times now are little better than the bad.
As I’ve been saying for a while, if we really want to see the economy start to zoom, we’ll simply raise the minimum wage to around US$8.50/hr. A lot of people who currently can scarcely afford rent could start affording DVDs, new shoes, books, and all sorts of consumer goods they currently cannot. That ought to be enough to get the whole economy humming again...
Posted by Andrew at May 5, 2006 10:06 AM
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