Median family income dropped slightly from 2000 to 2007. This supposedly during a period of expansion and a real estate boom.
“We have had expansions before where the bottom end didnâ€™t do well,” said Lawrence F. Katz, a Harvard economist who studies the job market. “But weâ€™ve never had an expansion in which the middle of income distribution had no wage growth.”
My guess. The next president will institute some kind of massive government R&D and job creation initiative. Cleantech, education, and rebuilding our aging infrastructure are prime candidates.