Has the Bush Doctrine failed?

[Spexxvet]

Originally Posted by Undertoad

Productivity/GNP continues to increase, inflation is in check despite fuel costs, unemployment is very low, even wages are coming around and government receipts are up. By all important measures, the economy is doing well.

I disagree. Most indicators might be favorable, but the result is that the rich are just getting richer.

The New York Times reports that the median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. Median wages are the point at which equal numbers of workers earn more and less.

The paper reports that while average family income, adjusted for inflation, has continued to advance at a good clip, that has been helped by gains by the top wage earners
The paper says that about nine out of 10 workers have seen inflation that has outpaced their pay increases over the last three years, according to the Labor Department. That includes workers earning up to $80,000 a year, a level that puts them in the 90th percentile of wage earners.

The paper reports that with employment gains softening in recent months, inflationary pressures stay high due to factors such as high energy prices, so the gap between wages and prices could increase for many workers.

The paper reports that the gap between the top wage earners and other workers is growing. It cites research from economists Emmanuel Saez and Thomas Piketty that showed that in 2004, the top 1 percent of earners --a group that includes many chief executives --received 11.2 percent of all wage income, up from 8.7 percent a decade earlier and less than 6 percent three decades ago