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How Wells Fargo's CEO Could Have Avoided His Senate Belly Flop


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The Census Bureau reported that median household income jumped 5.2% in 2015, and 3.5 million people rose out of poverty. The Washington Post called it “a spike that broke a years-long streak of disappointment for American workers.”

Bloomberg columnist Barry Ritholtz said that the numbers showed that the recovery from the Great Recession is finally taking hold. “Unlike in recent years, when much of the gains went to an increasingly narrow group at the top of the economic strata, last year’s improvements were broad and deep.”

The New York Times noted the “eye-popping improvement in economic fortunes” but put it in context: “real incomes of most American households still are smaller than in the late 1990s. And large swaths of the country—rural America, industrial centers in the Rust Belt and Appalachia—are lagging behind.” A few days later, though, the Times said that a reported finding that incomes had actually fallen in rural areas was wrong, a result of a definitional change; incomes rose 3.4% in rural areas in 2015.

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Contributors



Ahmed Mushfiq Mobarak
Professor of Economics

Barry Schwartz
Dorwin Cartwright Professor of Social Theory and Social Action, Swarthmore College


David Cutler
Otto Eckstein Professor of Applied Economics, Harvard University

Herbert M. Allison, Jr.
Chairman, President, and Chief Executive Officer, TIAA-CREF

Catherine Smith
Commissioner, Connecticut Department of Economics and Community Development


Vivek Lall
Vivek Lall
Head of Global Strategy, General Atomics

Cary Krosinsky
Lead Consultant, Principles for Responsible Investment (PRI), Climate Change Asset Owner Strategy; Lecturer, Yale College and Yale Climate & Energy Institute