Time machine--in reverse

In July, I wrote a post quoting unemployment data to the effect that all the jobs created in the 21st century had been lost in the Great Depression of the 21st century. That's bad enough, but in the article below we learn that median family income--the point at which half of America's families earn less and half earns more--is now at its lowest value since 1997! An entire decade of income gains has been lost for most American families. Basically 80% of American families have had their inflation adjusted incomes fall; only the top 20% have had income increases (any surprise there?). We are trapped in H. G. Wells's time machine, and it's stuck in reverse. Of course the debt burden accumulated since 1997 has not lightened, so people are trying to cope with enormous debt while living on shrinking incomes--if they have any income at all!

And people in Washington are still talking up the "recovery?" What are they smoking? Here is something about which we all should be shouting "You lie!" from the rooftops. Congressman Wilson, where are you and your big mouth now?

Read it here