Lost in the chaos of RGB’s death, coronavirus hype and an all-out media assault on the White House ahead of President Trump’s Tuesday night’s debate with Joe Biden is an economic report that reveals far more than the left wants you to know.
Because it proves that contrary to leftist lies, the Trump administration has overseen one of the greatest economic returns in recent history – including an across-the-board increase in household income not only for white Americans, but largely for minority communities.
In fact, Fox Business reports that according to the Census Bureau’s newly released 2019 report on “Income and Poverty in the United States,” the real median household income in the U.S. grew to $68,703 in 2019, a whopping 6.8% increase from the year before and the largest single-year increase since 1967. Broken down by demographic, the data shows minorities benefitted even better, as average household income grew 7.9% for Blacks, 7.1% for Hispanics, and 10.6% for Asian Americans – all record highs.
“It was also 45 percent more growth in a single year ($4,379) than Obama/Biden produced in their entire 8 years in office ($3,021),” Fox Business’ Andy Puzder added.
The share of income held by the bottom 20 percent of workers increased by 2.4 percent, dispelling the myth that under Trump, only the wealthy have seen an increase.
At the same time, the national poverty rate plunged 1.3 percentage points to 10.5%, a 60-year low. Demographically, poverty rates fell 2.0 percentage points for Black Americans, 1.8 points for Hispanics, and 2.8 points for Asian Americans. The child poverty rate dropped to 14.4 percent, the lowest rate since 1973 and down 18 percentage points from the Obama years, Puzder reports.
According to the Census data, between 2016 and 2019, 6.6 million people – including 1.2 million Black Americans – were lifted out of poverty. Compare that to eight years under Obama, when nearly 800,000 people were actually added to the poverty rolls.
The report doesn't account for the economic hit created by the coronavirus pandemic, which is sure to reflect in 2020 data. But it does go far to dispel the myth that under Trump, the rich have gotten richer on the backs of working Americans - and proves once again that the rising tide of conservative economic policies have raised all ships...
...and will again.