In other news, I wasn't the only blogger to notice the contrast between the WSJ article and NY Times article on Monday. Funny thing is that new data came out on Wednesday that proved the NY Times article wrong, and countered what they'd printed on Monday
"Perhaps the biggest surprise in today’s report was a surge in wage-and-salary income during the first half of this year. Between the fourth quarter of last year and the second quarter of 2006, it grew at an annual rate of about 7 percent, after adjusting for inflation, up from an earlier estimate of 4 percent...compensation makes up a larger share of the economy than it did throughout the 1950’s and early 60’s, as well as during parts of the mid-1990’s and the last couple of years."
So, wages and benefits are growing faster than inflation... hmm... sorry about your luck NY Times.