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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Cogito Ergo Sum who wrote (9966)	7/29/2004 9:07:12 AM
From: mishedlo	Read Replies (1) of 116555

Wage deflation money.cnn.com Americans' overall income shrank for two consecutive years after stocks plunged in 2000, the first time that has effectively happened in the since the current tax system was put in place during World War II, according to a published report Thursday. The New York Times, reporting data from the Internal Revenue Service, said gross income reported to the agency fell 5.1 percent to $6.0 trillion in 2002, the most recent year for which data is available, down from $6.35 trillion in 2000. Because of population growth, average income fell even more, by 5.7 percent, and adjusted for inflation the decline was 9.2 percent.

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