March 1, 2007

Rosy sounding headlines

Personal incomes rise, construction down (Yahoo-AP)

Sounds okay, doesn't it? Until you read the story and realize that it's only good news for people who were already well-compensated to begin with.

Personal incomes rose in January at the fastest clip in a year, bolstered by bonus payments to high-income executives, but construction activity fell sharply as the nation's housing industry continued to suffer through tough times.
And housing construction is down. So that means carpenters, electricians, plumbers, et al will not be working and furniture, appliance, home improvement sales, etc, will decline.

Oh, and unemployment claims are up. From the same article:
In other economic news, the Labor Department reported that the number of newly laid off workers filing claims for unemployment benefits rose by 7,000 last week to 338,000. This increase took economists by surprise. They had been expecting a drop in jobless claims.

3 comments:

Desert Beacon said...

It's just getting more and more obvious that the administration is fudging the numbers, in a manner analogous to the well worn story about what happens to the "average" income when Bill Gates and five nuns are in the same room.

Not Your Mama said...

You know I have mixed feelings about this. I can't help but feel that the middle helped this along by forgetting about the people on the bottom because face it, as a group we did.

Once you cut anyone out you've left yourself open to be the next group left out.

cls said...

As a group, perhaps. But individually, no, I don't believe "we" did. But I must agree that there were a whole lot of middle class folks that did (and still do) buy into the right-wing spin about "pulling yourself up by the bootstraps" and that somehow their success had absolutely nothing to do with anyone else. Quite discouraging. I keep hoping that more people will stop thinking that if something doesn't affect THEM now, that they don't need to do or say anything about it. We are all intertwined. What's that they say about the strength of a chain as it relates to the strength of its links?

I do agree with that well-worn adage, everyone does better when everyone does better. (not just the few at the top).