The key to understanding President
Obama ’s new plan to cut taxes for the
middle class is the great wage
slowdown of the 21st century .
Wages and incomes for most Americans
have now been stagnant for 15 years.
They rose at a mediocre pace for much
of President Bush’s tenure in the 2000s,
before falling sharply during the
financial crisis that dominated the end
of his presidency. Mr. Obama helped
break the back of the crisis, but the
recovery on his watch has been
decidedly mediocre, too — especially in
terms of paychecks.
Even as job growth has picked up in
recent months, wages haven’t grown
much more quickly than inflation. As a
result, the government’s official
statistics suggest that the typical
American household makes no more
than the typical household did in the
final years of the 20th century. Read on NYT
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