by Graham Summers
So much for the narrative.
The latest myth being promoted in economic circles is that median income growth exploded higher last year. The people promoting this myth obviously didn’t bother reading the actual report and don’t understand what the word “median” means.
A big hat tip goes to John Williams who actually DID read the report and found that the Census has adjusted its methodology to include what interest income WOULD be if rates were not at zero.
In this manner, the Census was able to claim interest income INCREASED 111% during a period in which the US interest rate was 0.25%.
By the way, the White House controls the Census. It must be complete coincidence that during an election year suddenly the data got so much better based on fantastical assumptions.