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The administration and some political commentators seem genuinely puzzled by polls showing that Americans are unhappy about the economy. After all, they point out, numbers like the growth rate of G.D.P. look pretty good. So why aren't people cheering?
Some blame the negative halo effect of the Iraq debacle. Others complain that the news media aren't properly reporting good economic news. But when your numbers tell you that people should be feeling good, but they aren't, that means you're looking at the wrong numbers.
[. . .]
Some commentators dismiss concerns about gasoline prices, because those prices are still below previous peaks when you adjust for inflation. But that misses the point: Americans bought cars and made decisions about where to live when gas was $1.50 or less per gallon, and now suddenly find themselves paying $2.60 or more. That's a rude shock, which I estimate raises the typical family's expenses by more than $900 a year.
You may ask where economic growth is going, if it isn't showing up in wages. That's easy to answer: it's going to corporate profits, to rising health care costs and to a surge in the salaries and other compensation of executives. (Forbes reports that the combined compensation of the chief executives of America's 500 largest companies rose 54 percent last year.) [my emphases]
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The 'Haves' and the 'Have Mores'. I believe the Chimp calls them his 'base'. Well, they've been doing very well.
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