Krugman vs. Krugman
26 November 2007
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
Today, Paul Krugman writes that in 1998 "Wages were rising, yet inflation was low, so the purchasing power of workers’ take-home pay was steadily improving" ("Winter of Our Discontent," November 26). Yet in 2005 Mr. Krugman lamented that "Working families have seen little if any progress over the past 30 years. Adjusted for inflation, the income of the median family . . . rose only 22 percent from 1973 to 2003, and much of that gain was the result of wives' entering the paid labor force or working longer hours, not rising wages" ("Losing Our Country," June 10, 2005).
Which is it?
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
Today, Paul Krugman writes that in 1998 "Wages were rising, yet inflation was low, so the purchasing power of workers’ take-home pay was steadily improving" ("Winter of Our Discontent," November 26). Yet in 2005 Mr. Krugman lamented that "Working families have seen little if any progress over the past 30 years. Adjusted for inflation, the income of the median family . . . rose only 22 percent from 1973 to 2003, and much of that gain was the result of wives' entering the paid labor force or working longer hours, not rising wages" ("Losing Our Country," June 10, 2005).
Which is it?
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Sunday May 11, 2008 at 11:16am