Posted by: Kevin | May 24, 2007

The Wall Street Journal is Full of S%&@

According to an editorial in today’s WSJ, the poor have gotten richer with respect to inflation from  1991 – 2005.  Apparently, this fact is a terrible blow to the campaign of John Edwards, which has focused on the theme of “Two Americas”. 

 It’s been a rough week for John Edwards, and now comes more bad news for his “two Americas” campaign theme. A new study by the Congressional Budget Office says the poor have been getting less poor. On average, CBO found that low-wage households with children had incomes after inflation that were more than one-third higher in 2005 than in 1991.

Of course, there are lies, damn lies and statistics.  1991 was a recession year in which it was exceptionally bad to be poor.  In fact, the economy of 1991-2 was the primary reason Bush Sr. only got one term.  All of the gains in income accrued by the poor, occured in the mid to late 90’s, when the rising tide of the “New Economy” lifted all ships.  Since 2001, income for the poor has lagged behind inflation.  Something I posted about here.  That’s six consecutive years of real income decline.

 I don’t even like John Edwards and I find this editorial to be an offensive pile of bull shit.  Sadly I expect no better of the Wall Street Journal.

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