Tuesday, August 5, 2014
The quote of the day...
It’s estimated that the typical American household lost a third of its net wealth in 2008-2009 and has not recovered it yet. Median incomes too have not yet returned to pre-crisis levels.
The quote is a little out of context; it's from a (very good) critique of Paul Ryan's anti-poverty plan. I bring it up, though, to underscore a point I was trying to make in a post last week on President Obama's popularity.
Neil Irwin, meanwhile, writes in the Times:
The economy keeps underperforming. Yes, new G.D.P. data last week were better than expected. But the United States is still producing around $800 billion a year less in goods and services than it would if the economy were at full health, and as a result millions of people aren’t working who would be if conditions were better.