Every quarter, it seems, we see new figures on just how well the economy is doing. I don't know about you, but I don't see many signs of it. Oh, sure there are fancy buildings going up and expensive cars on the street and fancy boats in harbors, but I don't have one and I don't know many people who do.
We have heard the explanation for this over and over--the economy is good for the top tier, and not so good for the rest of us. Now there's more confirmation of this, and the evidence shows that the stratification is getting worse, not better. Specifically, for the first time in 30 years, wage stagnation is afflicting people with bachelor's degrees. In real terms, wages for people with college degrees fell 5.4% during the first Bush administration--and those figures come from the White House.
The picture under the Republican administration contrasts with what happened in the Clinton years, 1995-2000, when inflation-adjusted earnings for the same workers grew by 12%.
Can the economy keep advancing when so many Americans are seeing their real incomes decline? Sure it can. And I've got a piece of a bridge I'd like to sell you.
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