WRONG TRACK….The New York Times reports that the Commerce Department is expected to announce strong economic growth Friday morning. But something strange is going on:
In the most recent CBS News poll, conducted last month, 55 percent of respondents rated the economy as good, even though 66 percent of Americans said the country was on the wrong track. In 23 years of polling by CBS, only once ? in late 2005 ? did a higher percentage of people say the country was on the wrong track.
That is unusual. Normally people are pretty satisfied when the economy is strong. Perhaps the explanation is lower down in the article:
Spending by upper-income families appears to be driving much of the economy’s growth. The average hourly wage for rank-and-file workers ? who make up roughly 80 percent of the work force ? has fallen by 5 cents in the last four years, to $16.49, after inflation is taken into account.
Yep, that might account for it. For most of us, trickle-down economics is more like Republican water torture.