It's not possible to have a strong economy without strong wage growth, and the median wage is still going nowhere. So don't be fooled by all the year-end upbeat business news. Yes, retail sales rose 2.3 percent this holiday season compared to .7 percent last year -- but that was mainly because of deep discounts at retailers offering up to 75 percent off. And what about the so-called "Santa Claus rally" that keeps driving the stock market to new highs? That's not due to rising profits; it's mainly because of record stock buy-backs. Corporations have been using whatever cash they have (and can borrow) to buy up their own shares, thereby pushing up the prices of their remaining shares -- and, not incidentally, guaranteeing corporate and Wall Street executives big year-end bonuses. But without real wage growth, it's all built on quicksand.
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