Well, as Billie said, God bless the child that’s got his own.
It’s not news that
So who does the White House blame it on? Stop me if you’ve heard this one…
That’s right, Clinton:
The White House said the fact that average incomes were smaller five years after the Internet bubble burst “should not surprise anyone.”
Tony Fratto, a White House spokesman, attributed the drop in average incomes to “the significant wrenching hits that our economy took in 2001 and 2002, so no one should be surprised that what a bubble economy created in the late 1990s and 2000, where economic data were skewed, would take some time to recover.”
Mr. Fratto said the fact that nearly all of the growth in incomes was among those in the upper reaches of the income ladder and that the majority of investment tax breaks went to those making more than $1 million “is not a very interesting story.”
He said the more significant issue was the reduction in taxes for middle-class Americans that Mr. Bush won from Congress.
You gotta admire their consistency if nothing else.
Happily, the Times injected a small note of sanity in the midst of all this.
The fact that average incomes remained lower in 2005 than five years earlier helps explain why so many Americans report feeling economic stress despite overall growth in the economy. Many Americans are also paying a larger share of their health care costs and have had their retirement benefits reduced, adding to their out-of-pocket costs.
I’m tempted to make a snide comment but I think I’ll refrain.