18 July 2004

gas prices up, price of a gallon of milk is up, paychecks aren't up...
here's a story from the ny times about how average people's wages are actually lower than they were three years ago when compared to inflation. it's more the usual: it doesn't matter if the middle class and working class are being screwed over -- the economy will keep on chugging because the rich are the ones who are spending. great.

here it is in a nutshell...
'There's a bit of a dichotomy,' said Ethan S. Harris, chief economist at Lehman Brothers. 'Joe Six-Pack is under a lot of pressure. He got a lousy raise; he's paying more for gasoline and milk. He's not doing that great. But proprietors' income is up. Profits are up. Home values are up. Middle-income and upper-income people are looking pretty good.'"

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