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they have been losing ground because the median wage today is 8% lower adjusted for inflation than it was in 2000, if the middle class continues to lose ground, the middle class can t spend. if the middle class can t spend, then we re not going to have more jobs and we re not going to have a better recovery. it s as direct and simple as that. excellent. okay. that s a good answer. given the precarious position we re in, history ought to provide some lessons. so i went back to your own book after shock where you say the 1990s boom was not the result of a tax cut. most of it followed bill clinton s 1993 tax increase. now, mitt romney has just spent two years telling us that tax cuts are all you need to stimulate the economy. is that wrong? absolutely wrong. supply side economics is bunk. we have seen historically not only when bill clinton raised taxes the economy did very well. george w. bush in 2001, 2003,