By Steve Schneider ©Richardcyoung.com
Originally posted on October 9, 2019.
In sharp contrast to the media narrative about President Trump’s economic efforts are the data themselves. Stephen Moore explains at Fox News just how strong Trump’s economy is. He writes:
The latest Census Bureau Current Population Survey data now show that middle-class incomes, after adjusting for inflation, have surged by $5,003 since Donald Trump became president in January 2017. Median household income has now reached $65,976 – an all-time high and up more than 8 percent in 2019 dollars under the Trump presidency.
This data was compiled by the statisticians at Sentier Research, an economic research group whose founders have more than 30 years of experience at the Census Bureau in analyzing the monthly income numbers.
I reported last week in the Wall Street Journal that real median family income had soared by $4,146 under Trump through July 2019. The just-released August numbers from Sentier show a huge monthly gain of $857 in income per household.
These numbers contrast sharply with the 16 years prior to Trump’s presidency. In the eight years that George W. Bush was president, median income barely showed any gain, up just $401 thanks to the deep recession of 2008.
In the seven and a half years that Barack Obama was president, and not including the end of the recession, which Obama inherited, incomes inched up by $1,043 (June 2009 – January 2019). This means that in the 16 years before the Trump presidency, incomes rose by about $1,500 while in less than three years middle incomes have risen three times faster.
In addition to the wage increases being enjoyed by America’s middle class, unemployment has fallen to a 50 year low. Not since 1969 has employment been so strong.
Read more here.
