And the Good News Is!

Real wages fell by 1.6 percent when adjusted for inflation. In the meantime, inflation increased by a "modest" 0.1 percent. Now that shouldn't seem too bad. Unless you need to buy gasoline for your car. Prices there have risen by a dollar a gallon compared to last year at this time, and the same is true for heating oil. In the meantime, the cost of health care has continued to grow nearly exponentially, if you're lucky enough to even have it. And then there are the poor college students, who see the costs of attending higher ed compete with the rising costs of health care. Add to that the continued unemployment rate in excess of ten percent. (See The New York Times' article.)

Is it any wonder that folks are obsessing about the late night TV talk show imbroglio? Well, at least the press finds it entertaining.

In other economic news, the prices for used cars continues to rise as their supply decreases. Consumers are finally realizing that "brand new" has little relevance in their lives.

This just in: Illinois has now edged closer to falling into bankruptcy, trailing California by a nose in the race to determine which state is in the worst economic shape. Arizona, in the meantime, is auctioning off its state buildings and plans to become the first state government to have been officially leased.