New York Times on Supposed Lack of Real Wage Growth: “Never Mind”
The Business & Media Institute catches the New York Times flip-flopping in a mere 72 hours (links probably require registration):
- Flip (”Real Wages Fail to Match a Rise in Productivity”) — “With the economy beginning to slow, the current expansion has a chance to become the first sustained period of economic growth since World War II that fails to offer a prolonged increase in real wages for most workers.”
- Flop — (”Revision Lifts Pace of Growth”) — “Perhaps the biggest surprise in yesterday’s report was new evidence of a surge in wage-and-salary income in the first half of this year. Between the fourth quarter of last year and the second quarter of 2006, pay grew at an annual pace around 7 percent after adjusting for inflation, up from an earlier estimate of 4 percent, according to an economic consulting firm, MFR.”
Oops.
