The state of "the economy" summed up in one stat
Via Warren Mosler:
Real per capita disposable income was down -0.85% during 2013. And to maintain the prior years standard of living, the household savings rate plunged 2.3%. ...
The per capita numbers continue to mask an ongoing shift in income distribution: although the average per capita income data has grown some 3.3% since October 2008 (per the BEA), the median household income has shrunk some 7% over that same time span (per Sentier Research). The typical member of the electorate lives at the median, and they are not sharing the growth reported by the BEA.
That's exactly it. We don't feel the economy getting any better because, for us, it isn't. Doh. Averages conceal (some would say, are designed to conceal).
But "the typical member of the electorate lives at the median" -- by definition, right?