Less Money Across The Board

And there’s this pressure, too: The average American earned less in 2005 than they did in 2000, says the IRS.
The Average Joe made $55,238 in 2005, down nearly $500 from the inflation-adjusted average 2000 salary of $55,714. The slump in salaries marks the first multiyear period of decreasing total income since World War II.
The White House, curiously, blamed inflated tech wages during the tech boom. Not a word about global wage rates being driven down by competition. The only income growth during this period was enjoyed by people who earn more than $1 million a year. “These individuals,” says the NYTimes “who constitute less than a quarter of 1 percent of all taxpayers, reaped almost 47 percent of the total income gains in 2005, compared with 2000.” That fact will no doubt be made a source of contention by “progressive” candidates in the coming election year.