On New Year’s Day, President Obama proclaimed his “bipartisan solution” to the fiscal cliff was “a victory for middle-class families and the economy.” That V sign must have seemed premature to the more than 120 million Americans who logged in to their bank accounts later that month and found that their pay had been suddenly slashed. The paycheck shock may be the biggest threat to our anemic economic recovery.
Why did Americans find that they had gotten the opposite of a two percent raise – or about $45 less every two weeks on average, according to Congress’ Joint Economic Committee?
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