Read the whole thing for yourself, but interesting tidbits are that family income last year hit its first all-time high in 7 years, income inequality declined faster than at any point in the previous 45 years, and the poverty rate stayed below its pre-1999 norms. Yes, economic growth has lagged, causing the country to flirt with recession. But according to Wesbury and Stein, “these figures bolster the case that the underlying fundamentals of the US economy were sound in 2007, before the Federal Reserve decided to try to inflate our way out of financial market turmoil.”
This report is something to remember as you listen to politicians from all sides demagogue, pander, and pontificate about the economy. Also worth a quick look is King Banaian’s graph showing how the current trend of employment loss compares to four recent recessions.
One key to helping hasten economic growth – besides cutting government spending and promoting free trade policies – is to join the National Taxpayers Union’s “I Don’t Vote for Tax Hikers” movement and get a free bumper sticker (H/T The Next Right).