The mainstream media does their best to tear down President Trump. However, the real story they should be focusing on was a few weeks ago. This is according to Andy Puzder, a Senior Fellow at the Pepperdine University School of Public Policy.
He says that with the release of their 2019 “Income and Poverty in the United States” report, The Census Bureau definitely proved that before the pandemic struck, President Trump’s economic success “blew past that of any other presidency.”
The report reveals that last year, the real median household income jumped an impressive 6.8% over 2018, reaching $68,703. That is the largest year-over-year increase going all the way back to 1967.
Increase in Income Levels
Amazingly, the $4,379 increase in a single year was more than the $3,201 increase that the Obama/Biden administration achieved during their entire eight-year term.
In fact, income levels were higher across the board.
“Throughout Trump’s first three years, the economic benefits were widespread. While the overall growth rate was 6.8%, real median income grew by an even greater 7.9% for Black Americans, 7.1% for Hispanic Americans, and 10.6% for Asian Americans. All record highs as were the new income levels for each of these groups.”
Purdzer points out that despite Democrats complaining that Trump’s tax cuts only benefit the rich, poverty levels are at their lowest levels in 60 years. This is compared to an increase during the Obama/Biden years.
“As for talking points about how the Trump tax cuts benefited only the rich, well, they were false. As incomes grew in 2019, the poverty rate plummeted 1.3 percentage points to a 60 year low of 10.5%. This was the largest reduction in poverty in over 50 years. It lifted over 4.1 million people out of poverty, the largest yearly decrease since 1966. Just for comparison purposes, over the Obama/Biden era, the number of people living in poverty increased by 787,000.”
Increase on Median Household Income
On a larger scale, the median household income increased by nearly 10% during Trump’s first three years. Additionally, almost 7 million Americans escaped poverty, said Purdzer.
“Over the Trump administration’s first three years, between 2016 and 2019, real median household income increased 9.2% while the economy lifted 6.6 million people out of poverty. That’s the largest 3-year poverty reduction for the start of any presidency since the initial drop in 1964 when the War on Poverty began.”
And income inequality? The Census Bureau found that it actually declined for the second consecutive year. Also, the share of income held by the bottom 20 percent of earners actually increased by 2.4%.
As the election draws near, Purdzer says we have to look at what President Trump has built. People also have to see what Democratic nominee Joe Biden wants to tear down.
“As we approach Election Day, keep in mind that Democratic presidential nominee Joe Biden wants to reverse Trump’s policies, repeal the Trump tax cuts, increase regulation and grow the government in an expansion of the Obama era policies that produced the weakest economic recovery since WWII. President Trump wants to rebuild the economy with the policies that produced the strongest labor market in modern times, including 2019’s historically positive numbers.”