Friday, February 15, 2008

More numbers: W's economy, 2001-2006

GDP growth, 2001-2006: 2.74% per year
Upper 5% of households, income growth: 0.30% per year
Median household, income growth: 0.05% per year

So, yes, under W, the economy has grown since 2001 at a rate of 2.74% per annum.

But no one seems to be seeing that growth:
- the upper 5% of households saw their income increase by an anemic 0.30% per annum.
- median household income "grew" at stagnant 0.05% per annum

This may explain why no one seems to believe W's great economic numbers - the past 6 years just haven't looked that great!

For what it's worth: GDP has increased steadily from 2000-2006; that 2001 recession was short and shallow.
(From 2001 to 2002, all household percentiles saw decrease in income.)

[For the purists out there: yes, I probably ought use 2000 as the base year. It doesn't look any better:
- GDP: 2.4% per year growth
- Upper 5% of households: 0.46% per year
- Median households: decrease 0.39% per year]

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