Tyler's take on the ever improving economy

Conservatives: The economy is doing well; look at the unemployment rate.
Liberals: No it's not; look at real wages, they've been stagnant for years.

Tyler Cowan provides a great starting point for the Great Debate over the state of the current U.S. economy. He's worth reading.

I believe that the much-heralded "real wage stagnation" consists of three major factors: a) potential real wage increases being absorbed by rising health care premiums in the broader employment package, b) unmeasured improvements in the quality of economic life, the internet being one example, and c) an unusually long lag between rising productivity and real wage gains. I am increasingly of the belief that the third factor no longer operates.