Anti-Inflation Fanaticism

Anti-Inflation Fanaticism

With the economy growing and inflation steady, why are so many people disgruntled? One reason may be that economic growth has not improved their standard of living. For example, in 1993, despite the economic recovery, the number of Americans below the poverty line increased by over a million and the median family income fell. Such a large increase in poverty and fall in family income in the second year of an economic recovery is unprecedented. Since 1989, the peak of the previous economic cycle, the typical American household lost $2,344 in annual income, a fall of 7 percent.

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