The Golden Goose in Failure Mode

(NYTimes David LeonHardt) A great article today on an important topic: that the median incomes of Americans actually fell during the last economic boom. This is the first time this has occurred in post-war America.

The article also cites exactly what my test of a viable government in the 21st Century is:

the most basic test of an economy’s health: does it produce ever-rising living standards for its citizens?

The article doesn't point out that we are about to go through a wrenching recession which will reduce median incomes at a fairly strong clip. In short, the US is just about to complete a lost decade on par with Japan's. Unfortunately, nobody noticed.

Comments

[Flagg]

Here's hoping we truly are about to complete a lost decade - not begin one...

[James Bowery]

"...nobody noticed" implies that the majority of the American population is one big "nobody".

Contemplation of this semantic enigma may enlighten the less thoughtless among us.

[dano]

Many people noticed - Paul Krugman and Kevin Phillips are notable examples. (And certainly many of us who are not famous but noticed that we're living markedly less well now than we were 10 or 15 years ago.)

The problem is that those who noticed and tried to call attention to the problem were largely ignored. The news media focused on (and continues to focus on) the cheerleaders who proclaim that everything is great.

Note that this is roughly the same pattern found in the media's treatment of those who talk realistically about the wars versus those who cheerlead for them.