U.S economy's performance, 2001-2008: Where you stand depends on where you sit

One issue likely to influence voters' choice for U.S. president in November is the U.S. economy.

The Iraq War/War on Terror, and other issues, such as health care concerns, are likely to be factors as well, but look for concern about the economy to be paramount. Of course, political science teaches us that party identification and voters' attitude toward each candidate will also help determine the vote for president.

(In a nutshell, the political science theory that best predicts vote is PI + ATC + MSI = Vote. Or, Party Identification + Attitude Toward the Candidate + Most Salient Issues = Vote. But more on that, some other time.)

Further, regarding the U.S. economy, there's been considerable coverage regarding its health -- sometimes too much -- but not as much clarity. So, without further ado, some "givens" or clarity about the U.S. economy.

• U.S. GDP: The U.S. economy is experiencing anemic growth, but technically, it is not in a recession. Unemployment is trending up -- now at 6.1% -- put is still relatively low, compared to unemployment levels in previous economic slowdowns. [Note: The above is not to slight anyone who has lost his/her job; each job lost is a serious problem/concern for the person involved.]
• Median income: The median U.S. family income is down. In 2006 the median U.S. family income, adjusted for inflation, was $58,407, according to the most recent U.S. Census Bureau data, down from $59,398 in 2000. Since the economic slowdown started in October 2007, it's possible, but not likely, that median family income rose in 2008, but more than likely it fell. Moreover, it probably fell during that time period, for most families.