How could that be? A pandemic is not a financial crisis.
Even amid a global pandemic, most American households are doing better financially than they were in 2019. Surprisingly, however, the past two years have been one of those exceptions.
With only brief exceptions, the incomes of most middle-class and working-class American families have grown frustratingly slowly - trailing well behind economic growth - since the late 1970s. Sluggish income growth has been a defining economic problem of recent decades.
