Weekend Good News Send-off
From the Bureau of Economic Analysis earlier today:
2007 Personal Income and Outlays
Personal income increased 6.1 percent in 2007 (that is, from the 2006 annual level to the 2007 annual level), compared with an increase of 6.6 percent in 2006. DPI (Disposable Personal Income) increased 5.7 percent, compared with an increase of 5.9 percent.
….. Real DPI increased 3.0 percent in 2007, compared with an increase of 3.1 percent in 2006.
It’s clear, contrary to a lot of current political rhetoric, that “the average person” was better off in 2006 compared to 2005, and better off still in 2007 compared to 2006 — and by very decent amounts in both years. In real terms, the average person was 6%-plus better off at the end of 2007 vs. the end of 2005.
Not bad for an economy 47% of Americans think is in a recession already (/sarc).
Your post is a much more articulate version of my post. Well done.
Publius: Recession - No
Comment by Publius — February 29, 2008 @ 9:49 pm
#1, thanks. You’re doing fine yourself.
Comment by TBlumer — February 29, 2008 @ 10:39 pm