New census data released Tuesday shows more than 1.2 million U.S. households climbed into a middle-class income range of at least $50,000 between 2016 and 2018, which is just another piece of evidence that President Trump is delivering on his promises to increase prosperity and grow the economy.
It is also a reason the Dems completely avoided any talk about the economy during their Thursday night debate. Trump is clearly showing the way to lift all boats with his rising economic tide.
In 2016, with the Obama years coming to a close, 58.5 percent of households had more than $50,000 in total income. In 2018, during Trump’s second year on the job, the number of households above that threshold jumped to more than 60 percent. At the same time, median household income rose 2.3 percent, with all numbers adjusted for inflation.
It’s important to note that the middle class had been shrinking for decades. According to The Epoch Times: “In 1968, over 38 percent of households earned over $50,000 and under $100,000, the percentage dropped to 28.6 by 2014.”
The Times reported:
In many respects, 2018 was a significant year for the middle class.
In the first months of 2018, the unemployment rate remained stuck at 4.1 percent, seemingly confirming forecasts of some economists that the 4 percent barrier signifies full employment. But the economy kept adding jobs. By the year’s end, unemployment fell to 3.7 percent, the lowest since 1969. Despite some ups and downs, the rate still stood at 3.7 percent in August 2019.
The progress has been even more apparent for black Americans, whose unemployment rate dropped below 7 percent for the first time in December 2017 and in May 2018 fell further to 5.9 percent. That record held for more than a year until it was also shattered in August as the rate hit 5.5 percent.
According to the Census Bureau statement, “Between 2017 and 2018, the real median earnings of all workers increased 3.4% to $40,247.”
Wage growth has been realized across income levels and has been fastest at the lowest incomes, the Times said … “In early 2018, it was high-wage industries that had the fastest growth (about 3 percent). But by the year’s end and into 2019, annual growth has been strongest in low-wage industries—about 4.7 percent—according to an Aug. 2 data analysis by Martha Gimbel, research director at job-seeking site Indeed. It was also those with the lowest education enjoying the fastest wage growth, a July report from the Congressional Research Service showed.”
Mark Perry, economics professor at the University of Michigan helped to put things into perspective. “Many prominent people like Paul Krugman and progressive politicians like Sen. Bernie Sanders and Sen. Elizabeth Warren claim that American’s middle class has been declining, disappearing, collapsing, losing ground, vanished, stagnated, etc.” he wrote. “But the Census Bureau data on household income over time displayed above demonstrate conclusively that those assertions are incredibly and verifiably wrong.”
Of course, the mainstream media will continue to ignore or distort all positive economic news that shines the light on economic progress being made by the Trump administration. “The media ignores any item of news that could be considered good news for America. They really are the opposition party, opposition that is, to President Trump,” said Stuart Varney Friday on his Fox Nation show “My Take.”
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