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NYT Krugman Excerpt
I spoke with a striking University of Minnesota clerical worker yesterday. I told her I had heard of the large U of M strike, and that I sympathized, and that the proposed 2% raise for this year is actually a pay cut, because of inflation, the cost of insurance, health care, food, and fuel, etc.

Krugman:

What's really remarkable, however, is that four years of economic growth have produced essentially no gains for ordinary American workers.

Wages, adjusted for inflation, have stagnated: the real hourly  earnings of nonsupervisory workers, the most widely used measure of how typical workers are faring, were no higher in July 2007 than they were in July 2003.

...

The real income of the richest 0.1 percent of Americans surged by 51 percent between 2003 and 2005, and although we don't yet have the data for 2006, everything we know suggests that the income of the rich took another upward leap.

No profanes - sacred
 
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