It is also worth noting that several of the economists and experts quoted in the article have a record of being wrong about the impact of trade agreements on the U.S. trade balance. More about Europe . The Post article discusses at some length a new report from the President's Council of Economic Advisors, which finds that more than 80 percent of the jobs that have been created in the Clinton years are in categories that pay above the median wage. This figure is completely meaningless. A worker experiences no benefit whatsoever because his or her job is placed by economists in a high-paying job category.
Workers only benefit if their job is actually high-paying.
There is considerable research showing the movement in wages over the course of the Clinton years for workers at various points along the income distribution. This research shows that the real wages of all but the highest-paid workers had fallen during the first years of the Clinton administration, but have been rising since 1996. The wage of workers at the middle of the income distribution have just recently passed their 1992 level. Prior to 1994, virtually all economists had argued that inflation would accelerate if the unemployment rate fell below 6 percent. It has been below that level for more than five years and inflation has actually declined somewhat during this period.