31 October 2008

Are you better off? Does it matter?

CEPR has a table up that answers the Reagan question about whether you're better off now than you were eight years ago. You will not be surprised by the results:

 Economic Indicator
 2000  2008
 Unemployment rate  Image4.0%  6.1%
 Inflation rate  Image3.3%  5.4%
 Job Growth (preceding 8 years)    
    Total nonfarm employment  Image21.4% 4.3%
    Private sector employment  Image23.6% 3.6%
    Manufacturing employment
 Image2.9% -22.2%
 Employment rate (% of population)    
    All, age 16 and older
 Image64.4% 62.6%
    Men, age 16 and older
 Image71.9% 69.1%
    Women, age 16 and older
 Image57.5% 56.5%
 Real wage growth (preceding 8 years)
 Image8.2% 1.8%
 Minimum wage (July 2008$)  Image$6.58 $6.55
 Family income    
    Median, 2007$  $61,083 Image$61,355 
    Growth (preceding 8 years)
 Image14.7% 0.4%
 Poverty    
    Rate (% of population)
 Image11.3% 12.5%
    People in poverty (millions)
 Image31.6  37.3
 Uninsured (health insurance)    
    Rate (% of population)
 Image14.0%  15.3%
    People without insurance  (millions)  Image38.7 45.7
 Personal savings (% of disposable income)  Image2.3% 0.6%
 College tuition (average per year, 2007$)    
    Private four-year college  Image$19,337  $23,712
    Public four-year college
 Image$4,221 $6,185
 Gasoline (gallon, 2008$)  Image$2.03 $4.09
 GDP growth (preceding 8 years)  Image34.2% 19.6%
 Productivity growth (preceding 8 years)  15.9% Image21.9% 
 Trade balance (% of GDP)  Image-3.9%  -5.1%
 Federal debt (% of GDP)  Image57.3% 65.5%
 Net foreign debt (% of GDP)  Image13.6% 17.9%


If the electorate voted on the basis of actual performance rather than on the basis of some kind of perceived party loyalty, there is no way that the election would be as close as it is.

But they don't so it is.