Under TRUMP, The Poor & Middle Class Are Winning More Than The Rich
The Trump economy is giving the greatest benefits to those who have been at the bottom, according to new data from the Council of Economic Advisers.
Data released by the CEA shows that over 11 quarters from the end of 2016 through the first half of 2019, the net wealth of the top 1 percent of American households rose 13 percent. However, that rise is dwarfed by the 47 percent increase seen by the bottom 50 percent of America’s households over that same period.
President Trump’s critics can’t deny that the economy is doing well, so instead they insist all the benefits have gone to the rich and large corporations. “America’s middle class is under attack,” Sen. Elizabeth Warren asserted in her presidential campaign announcement last December.
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. 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.
According to a report from the Census Bureau, "Since Donald Trump was elected and took office through July of 2019, median family incomes, middle-class incomes are up $4,100." Economist and author Stephen Moore notes that this study proves that the middle class is getting richer faster under Trump than they did for his predecessors.
The truth is out: The unemployment rate in the USA is the lowest in 30 years, and the Black, Hispanic and Female unemployment are the lowest in recorded history. Added to that real wage growth is underway for the first time in 30 years. So: the Poor are getting richer.
America’s labor force is growing because Americans who were not formerly even looking for jobs are now employed.
“In the fourth quarter of 2019, 74.2 percent of workers entering employment came from out of the labor force rather than from unemployment, which is the highest share since the series began in 1990. This influx of workers has brought the labor force participation rate for prime-age adults (ages 25-54) up to 82.9 percent in December—1.6 percentage points above the rate in November 2016,”
This severely undercuts the main theme of the 2020 Democrats' economic message. For example, Elizabeth Warren said, “America’s middle class is under attack,” when she announced her campaign. Joe Biden said that Trump has "eviscerated the middle class." Well, the middle class is doing better under Trump than it did under the Obama-Biden administration.
Moore added, “If these numbers hold up, it’s going to be difficult for any Democrat to beat Donald Trump because he’s proven to be the blue-collar president.”
Now the big end of town, those earning US$1 Million or more per year are not doing so great. Under Trump’s Trade war “The collective wealth of high net worth individuals — those valued at more than $1 million excluding their primary residence — has declined for the first time since 2011, decreasing in 2018 by 3% globally"
The ongoing US-China trade war wrought much of that damage, according to Capgemini analysis, as global stock markets tumbled and geopolitical unrest reared its head. Nowhere were those losses more pronounced than in Asia, where an astounding $1 trillion of wealth was lost last year. China alone was responsible for half of that, with China’s elite losing $500 billion.”
So: The Poor are getting richer and The Rich are getting poorer!
Could it be that the Mainstream Media are lying to the American people?