“Here’s a simple one I keep thinking and talking about. While we’re all wound up in self-imposed fiscal madness, there’s still an economy out there that’s not working too well for a lot of people. Real hourly wages of middle-wage workers* have been drifting down for the past few years, a function of the persistently large amount slack in the job market. This figure also serves as a reminder that high unemployment doesn’t just hurt the unemployed — it hurts people with jobs, too. Finally, it’s a reminder as to why this is a lousy time to let the payroll tax cut expire. All that in one little line!”
