Before the pandemic, income growth soared and poverty fell to the lowest rate since 1959.
In case you missed it, and most of the media did, the Census Bureau reported Tuesday that the median household income in 2019 grew a whopping 6.8%—the largest annual increase on record.
While this year’s government-ordered lockdowns will erase these gains in the short term at least, it’s still worth highlighting how lower-income workers and minorities benefited from faster growth and a tighter labor market before the pandemic.
Real median U.S. household income last year rose by $4,379 to $68,709. In dollar amounts, this is nearly 50% more than during the eight years of Barack Obama’s Presidency.
The wealthy last year benefited from a roaring stock market, as they did during most of the Obama years.
But lower and middle-income folks were also finally sharing more in the country’s growing wealth.
Notably, median household incomes increased more among Hispanics (7.1%), blacks (7.9%), Asians (10.6%) and foreign-born workers (8.5%) versus whites (5.7%) and native-born Americans (6.2%).
One reason is more Americans with lower education levels were working.
Last year the number of Americans with employment earnings increased by 2.2 million, including 1.2 million more who were employed full-time, year-round. Median earnings increased by an astounding 7.8% for women compared to 2.5% for men.
What was that about closing the gender earnings gap?
After the 2008-2009 recession, increases in government transfers reduced the incentive for unemployed Americans to work. These included 99 weeks of unemployment benefits, which didn’t lapse until 2013 and then many Americans out of work went on Social Security disability.
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WNU Editor: This story has been completely buried by almost everyone in the main stream media. But it shows the impact that Trump's economic policies had on the average American. Will this have an impact on today's vote. I do not think so. People are focused on today, not what their situation was like at the beginning of the year. Will these policies continue in the future? Under President Trump definitely. Under President Biden, definitely not. They have already listed their economic priorities. A Biden administration will be focused on their Green New Deal, transitioning from oil/gas, and addressing wealth inequality. IMHO that is not a prescription for economic growth.
To me it is unfortunate that the economy, and how to boost it after the pandemic has ended, was not a priority in the debates and campaign. If President Trump is defeated tonight, it will be because his campaign and his media supporters did not focus on his economic record.
15 comments:
Then the pandemic came as pandemics do throughout history. We get through them. As has been said, nothing new under the sun. Then along came the idiots who needlessly shut down whole segments of the economy. The pandemic is bad enough the economic lockdowns were/are worse.
China did not order this. This was an unforced error and a huge gift to China. As for China messaging on this, it was quite amateur. The best they likely hoped for was to scare people for a weeks and perhaps achieve an economic slowdown of some type. The incredibly stupid move on the part of the US government was beyond the pale stupid beyond anything they ever could have hoped for. That is unless of course people like cult leader Fauci and the Chinese leadership worked in concert on this to wreck the lives of the American people for political gain. There were a few small voices of astute observers who suspected this back in March. The American people have proven to be more resilient than I think they thought we would be!!
The media shouted it down.
Even local talk show hosts were of the opinion that the pandemic was more important than anything else.
If Biden wins, we will be ruled by nutters.
AOC is fairly good looking. How is it that she graduated form college and is not married?
The answer is that no one wanted to touch crazy.
Editor,
I agree with you comment. As you have correctly pointed out, all pandemics eventually end. How to keep a viable economy during one is vital as is how to get back up at full sped after it ends. While POTUS repeatedly said, things like "the cure can't be worse than the disease" and "you can loot but you can't attend church services" and he said it like he really meant it and was intending to reign in the people pushing this, there never really was any follow up. So, if he loses, it will be because he did not push the economy and I would add that he did not do enough to fight the lockdowns.
Communication is a 2 way street.
He did not do enough you say.
But voters get to remain ignorant of the facts?
They don't have to know anything. They don't have to know how to do their taxes or anything else under the Sun such as economics.
OCRUMBOGATE.
Elderly Will be at the Back of the Line for COVID-19 Vaccine Under Biden Presidency
Zeke Emanuel knows
Back of the bus Bois!
Someone only penned 2 books.
The Biden campaign is funded by Hamas supporters who call for the murder of Jews.
"Black Trump Supporter VICIOUSLY BEATEN at San Francisco Free Speech Rally — Sucker-Punched — Teeth Knocked Out"
And then his "Go Fund Me" was suspended by Asshole Liberals
It had raised $ 27,000 and asshole liberals stopped it.
"Putin is Holding Out for a Biden Win"
Liberals and Putin think alike.
The ‘Agitator’ Involved in Murder of Trump Supporter in Denver, Jeremiah Elliot, Is Connected to Satanists
As Lawrence O. Gostin, a professor of global health law at Georgetown University, put it: “The truth is those kinds of lockdowns are very rare and never effective.”
https://www.washingtonpost.com/graphics/2020/world/corona-simulator/
March 14, 2020
Meanwhile liberals gently bleat awaiting their next set of marching orders.
Bposter clear operative for weeks now claiming China didn't do anything
"4 Dem Judges, 3 Minority, Tell Manhattan DA, He's a Dangerous Clown"
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