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Actually real income has been stagnant or decreasing in most of the industrialised economies. And where it hasn't, real purchasing power certainly has - because (for example) many Euro economies have had explosive property bubbles.

Meanwhile vast swathes of the former middle class in the US are now unemployed, and are about to lose all government support, because employment in the US sure as hell isn't going to recover any time soon.

So where is the net gain - apart from among the legendary 1% of billionaires who profit the most?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Dec 24th, 2010 at 06:51:08 AM EST
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