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Real Wages Still Declining
To pivot from the horserace for a minute -- here's a reminder, from the invaluable Economic Policy Institute, of what our eventual nominee (whoever it is) will be up against:
(click for full size)
This tracks yearly change in real earnings for non-management service and blue-collar workers. Notice which direction they are moving. This will be the issue of 2008.
...Remember in August when everyone said the subprime crisis was just a blip, an isolated case, and there was nothing wrong with the economy? Yeah, about that...
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Hey man, awesome graph!
Hey man, awesome graph! It's good to see some attention paid to this fact that pretty much sets the foundation for all further experience and talk about "the economy." Regardless of whatever economic gimmicks are implemented (tax breaks, "stimulus packages," social programs, etc.), if the wage issue isn't address then those other things aren't really going to amount to much.