Under Trump, Middle-Class Income Up $4,100, Crushing Obama, Bush Figures
Economist Stephen Moore notes the economic health of the middle-class
Economist Stephen Moore noted that the economic health of the middle-class income shows Trump is doing well.
But aside from actual statics and figures, the establishment media, along with the Democratic presidential debates, would have you believe the middle class is dying.
As Moore noted, Trump’s critics “insist all the benefits have gone to the rich and large corporations," according to his Wall Street Journal piece published Sunday.
And if 2020 hopeful Elizabeth Warren's battle cry of “America’s middle class is under attack,” that sentiment is not dying down anytime soon.
Moore, who is the former president of the Club for Growth and a one-time Wall Street Journal editorial board member, explained the numbers on Fox Business this week:
Moore noted how they'd “found, based on the Census Bureau data … they are reporting now that from the day that Donald Trump entered office through the end of July of this past year — these are the most recent numbers — middle-class incomes are up $4,100.”
“That is a chart-topper,” he continued.
“In the previous 16 years, under the Bush and Obama administrations, incomes only rose by $1,000.”
Moore added that the “blockbuster” statistics are so drastic he "had to triple-check these numbers to make sure they were right because they are so off-the-charts.”
Even the economist spelled it out more clearly in the WSJ piece:
“The latest data from the Census Bureau monthly surveys tell a different story. Real median household income — the amount earned by those in the very middle — hit $65,084 (in 2019 dollars) for the 12 months ending in July,” he wrote.
“That’s the highest level ever and a gain of $4,144, or 6.8% since Mr. Trump took office. By comparison, during 7½ years under President Obama — starting from the end of the recession in June 2009 through January 2017 — the median household income rose by only about $1,000.”
“Squares with other economic trends. It explains why consumer spending has surged this year, and major retailers like Lowe’s and Target report massive sales. White House economic adviser Larry Kudlow had it right when he said last month that, due to fatter paychecks, families are spending and saving more at the same time.”
“Mr. Obama inherited a financial mess, but the median income continued its decline during almost all of his first term and rose only slowly in his second term — the weakest recovery from a recession since the 1930s,” he said.
At the end of Moores's piece, he wrote:
“A protracted economic slowdown or recession could reverse Mr. Trump’s advances on jobs and incomes."
“The trade war is imposing a heavy toll.”
The June, Neon Nettle reported that nearly quarter-million jobs were created, passing expert estimates, which predicted between 160,000 to 165,500 range.
The jobs reports come a day after the Fourth of July and two after the stock market closed at record highs.
The most significant job gains came from the professional sector as 51,000 jobs created.
According to CNS News:
The unemployment rate, the lowest in 50 years, ticked up a tenth of a point to 3.7 percent. In June, the nation’s civilian noninstitutionalized population, consisting of all people aged 16 or older who were not in the military or an institution, reached 259,037,000. Of those, 162,981,000 participated in the labor force by either holding a job or actively seeking one.