Such a large reduction in nominal income growth would have a major downward impact on government revenues in 2015 - 16. (3dpolicy.ca)
Between 1945 and 2007, household debt grew at an average annualized rate of over nine percent, much faster than nominal income growth. (blackrockblog.com)
These quotes were for nominal income, did not make adjustments for inflation, and were current when this paper was written. (onefpa.org)