Next Victim of Turmoil May Be Your Salary

[don]

"Income for the median household — the one in the dead middle of the income distribution — will probably be lower in 2010 than it was, amazingly enough, a full decade earlier. That hasn’t happened since the 1930s. Already, median pay today is slightly lower than it was in 2000, and by 2010, could end up more than 5 percent lower than its old peak."

http://www.nytimes.com/2008/10/15/bu...hp&oref=slogin

[phirang]

Re: Next Victim of Turmoil May Be Your Salary

0% FFR, here we come!

[bpr]

Re: Next Victim of Turmoil May Be Your Salary

What will make this recession different, no matter how deep or shallow it is, is that it’s following an expansion in which most families received little or no raise. The median household made $50,200 last year, slightly less than the $50,600 that the equivalent household earned in 2000, according to the Census Bureau. That’s the first time on record that income failed to set a new record in an economic expansion.

We need to get everyone on track with a new definition of "economic expansion," then, right? Maybe one in which MEWs and other debts are subtracted from GDP, something like that?

All I know is, if we fail the test, you have to rewrite the questions.

[phirang]

Re: Next Victim of Turmoil May Be Your Salary

I see no reason NOT to short the hell out of consm disc

[Verrocchio]

Re: Next Victim of Turmoil May Be Your Salary

"Income for the median household — the one in the dead middle of the income distribution — will probably be lower in 2010 than it was, amazingly enough, a full decade earlier. That hasn’t happened since the 1930s. Already, median pay today is slightly lower than it was in 2000, and by 2010, could end up more than 5 percent lower than its old peak."

If this prediction holds true in the face of the Poom that we're expecting, this is a distressing prospect, indeed!

[phirang]

Re: Next Victim of Turmoil May Be Your Salary

Great! The Fed will become GosBank, and Obama will be our Chavez!

[Supercilious]

Re: Next Victim of Turmoil May Be Your Salary

IMHO the title of the thread is poorly formulated and incorrect. The correct formulation should be:

"Next Victim of Turmoil Will Be Your Portfolio"

For those of us who already got a serious beating on the portfolio the title should be:

"Next Victim of Turmoil (After Your Portfolio), Will Be Your Salary"