[T]otal wages and salaries are much higher than the social benefits paid, but the normalized series above shows that social benefits have constantly risen in proportion to wages paid, and that they started this epic divergence in the 1990s. The narrowing of the gap at the end of the 1990s really represented a demographic bump relating mostly to the Great Depression. There is also a demographic blip from the Spanish flu (1918-1919). So although most of the public believes that Clinton raised taxes and closed the deficit, almost all of the improvement was really demographic.
Wednesday, October 13, 2010
MaxedOutMama on the economy: