Which matters more, the income of the average citizen or the average income of citizens?
Their headlines are:
- Profits are up, but the wages and the incomes of average Americans are down.
- More and more people are deeper and deeper in debt.
- Job creation has not kept up with population growth, and the employment rate has fallen sharply.
- Poverty is on the rise.
- Rising health care costs are eroding families’ already declining income.
An economy is a big thing, and there are a lot of stories in it, some happy and some sad. Productivity, debt, growth, uncertainty, technological advances, poverty, millionaires. Averages give only a very limited picture, and how you evaluate the overall picture depends on which stories you think are important.
Me, I think the income of average Americans is more important than the average income of Americans.