This merely continues the three-decade trend in falling earnings that I detailed in the first chapter of Five Short Blasts. This trend will persist as long as our enormous trade deficit lasts. When I update the book for the 2nd edition, those graphs of income and especially net worth (following the collapse of the housing bubble) are going to look like they fell off a cliff!
The downward spiral continues. Wages can’t even keep pace with the price of cheap imported junk. Isn’t globalization wonderful?