Watch your wallet if you still have one

I scrambled to the the Economic Policy Institute Web site after the latest economic reports and the claims made by the White House that all is well with the American economy. I always reach to see if my wallet is still in my pocket when they make that announcement.

If you are a CEO, it's true, all is still well with the American economy. If you are a member of the working class, disposable income, job growth, and real wages have stagnated compared to other business cycles and other countries.

For instance, here is a summary of data obtained at the EPI.

* Job growth for the Bush administration economic recovery continues at 200,000 jobs per month compared to 300,000 during the Clinton administration. That's a whopping 1.2 million jobs per year.

* During the Bush years disposable income has increased 8.4% compared to an average of 11.1% for comparable previoius business cycles.

* Median family income has fallen 2.9% or $1,500 during the Bush administration. This has occured during a time of high productivity growth.

* The U. S. created 1.2 million jobs in four and a half years compared to the EU's 7.87 million jobs.

* The ratio of employed to population fell 2.86% for the U. S. while the EU's increased 2.47%.

* Average hourly and weekly earnings remain at the same level as the beginning of 2001.

The Bush administration is demonstrably, by any reasonable measure or standard, the least working class friendly administration in the past 60 years. Anxiety over high gas prices and rising health care costs are merely the symptoms of an economy that no longer rewards working class Americans for their productivity gains.