Average Familys Income up $5003 in the 3 years since President Trump came into office
By Stephen Moore
WASHINGTON D.C. (Texas Insider Report) How much of the monetary gains from the Trump Economic Speedup have gone to the Middle Class? If you ask Democrat Senators and presidential candidates Elizabeth Warren Kamala Harris & Bernie Sanders the answer is almost none.
Donald Trumps economy is great for billionaires not for working people Sanders likes to say.
Meanwhile House Speaker Nancy Pelosi grouses that under the Trump agenda the rich get richer and everyone else is stuck paying the bill.
Uh-huh But not a word of this is true!
Thats been the standard liberal riff for the last couple of years as liberals and Democrats try to explain how a president who they said would create a second Great Depression has created boom times with the lowest inflation and unemployment in half a century.
According to new Census Bureau Data on the incomes of Americas middle class and a study by former Census Bureau researchers statisticians at Sentier Research gigantic income gains have occurred for the middle class under President Trump.
The median or average-income family has seen a gain of $5003 since Trump came into office. Median family income is now (as of August 2019) $65976 up from about $61000 when he entered office in January 2017.
- Under George W. Bush the household income gains were a little over $400 in eight years.
- Under Barack Obama the gains were $1043.
- That was in eight years for each.
- Under President Trump in less than three years the extra income is about three times larger.
These gains under Trump are so large in such a short period of time that I asked the Sentier Research team to triple-check the numbers. Sure enough on each occasion the income swing was $5000.
This is a bonanza for the middle class and the extra income in tens of millions of Americans pockets is getting spent. Consumers are king in America today and fatter wallets translate into more store sales. Home Depot and Lowes recently recorded huge sales surges.
The tax cut also added an additional $2500 to a typical family of fours after-tax incomes. So after taking account of taxes owed the income of most middle-class families is up closer to $6000 in the Trump era.
Memo to Pelosi: That aint crumbs
Ronald Reagan used to talk about the importance of real take-home pay. He asked voters in 1980
Are you better off than you were four years ago? (when Jimmy Carter was elected).
Thanks to high taxes high inflation and high unemployment in the late 1970s the answer to that question was clearly no. Reagan won and Carter lost.
Trump should begin asking Americans if they are better off than they were four years ago. Today the answer to that question is clearly yes.
Its the economy stupid. Everyone especially the middle class is sharing in the fruits of the Trump boom.
Stephen Moore is a senior fellow at the Heritage Foundation and an economic consultant with FreedomWorks. He is the co-author of Trumponomics: Inside the America First Plan to Revive the American Economy.