NewsFlash: November 8, 2006
A tough recovery by any measure
As many earlier snapshots have shown, data on wages, compensation, and income paint a disappointing picture of the current economic expansion, especially from the perspective of low- and middle-income families. But what about consumption expenditures? Today’s EPI Snapshot, taken from a more detailed analysis forthcoming next week, shows that inequality in consumption expenditures has also grown to unprecedented heights, according to EPI senior economist Jared Bernstein and Jason Furman from the Center on Budget and Policy Priorities.
The fact that tax cuts and borrowing have failed to offset income losses for many families may well be behind Tuesday’s exit poll results showing the two-thirds of voters described themselves as having just enough to maintain their living standards (51%) or as falling behind (17%).
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