Economic Facts To Prepare For The Elections
With the mid-term elections approaching and the political stakes increased, the level of misinformation on economic conditions is likely to rise.
To avoid making bad financial decisions based on distortions and outright lies constantly on TV news, here are economic facts to survive the political season.
As the election nears, you are likely to hear on TV the news that Americans are suffering from slow growth in wages and personal income. That’s just not true!
Wages and benefits, the key drivers of the U.S. economy, grew at a 4.4% annual rate. Consumers have more money in their pockets!
Meanwhile, the interest and dividends portion of personal income surged 6.4% in the 12 months through July 2018 — welcome relief for retirees.
Disposable personal income, before inflation, grew 5.3% in the 12 months ended July 2018.
That equals the rate of growth in personal disposable income in the last economic expansion!
Yet politicians and pundits across the political spectrum often bemoan stagnant wages and income.
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