Economist Says Report On Vt. Income Increase Flawed

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A well-known Vermont economist says his "surprising" finding that the state’s median household income rose slightly in 2008 was not just surprising – it was wrong.

Art Woolf publishes the Vermont Economy Newsletter with Richard Heaps. Woolf says his December report that the state’s median income was up $241 dollars- or point-4 percent – was based on a faulty calculation he made. It actually declined 18-hundred dollars, or 2-point-7 percent.

Steve Klein, head of the Legislature’s Joint Fiscal Office and a reader of Woolf’s newsletter, says he doesn’t think the error had much impact on budgetary decisions by businesses or government agencies.

Woolf says his report is one of several sources of economic information that Vermont decision makers use.

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