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The Bush Pay Hike.(A)(EDITORIALS)
Tax Cuts: Anemic real wage growth always stirs grumblings. The point is well taken, but don't those who demand that lawmakers do something about it also fiercely oppose a more legitimate government solution?
The latest U.S. figures show January's real hourly earnings fell 0.4% from December. Compared to a year earlier, they grew by a mere 0.1%, the least growth since July 2000.
Nominal wages fared no better. They were flat. It's the first time in nine years they didn't go up.
Most developed nations are having similar weak numbers because of the surge in energy prices, which has taken a big bite out of workers' pay.
News of flat or slow wage growth is always, of course, a cause for the left side of the political spectrum, which agitates for government remedies. What it misses -- probably willfully -- is that government can improve incomes, and the economy that influences them, through a far more appropriate action: tax cuts.
According to our calculations, the Bush tax cut would boost the income of a working family of four earning $40,000 a year by 2.8%. A similar family earning $75,000 a year would get a 2.7% raise under the Bush plan.
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