PEOPLE ARE RISING OUT OF POVERTY
New census data released Tuesday shows more than 1.2 million U.S. households climbed into a middle-class income range of at least $50,000 between 2016 and 2018, which is just another piece of evidence that President Trump is delivering.
In 2016, with the Obama years coming to a close, 58.5 percent of households had more than $50,000 in total income. In 2018, during Trump’s second year on the job, the number of households above that threshold jumped to more than 60 percent. At the same time, median household income rose 2.3 percent, with all numbers adjusted for inflation.
The Middle Class Is Growing Again
It’s important to note that the middle class had been shrinking for decades. According to The Epoch Times: “In 1968, over 38 percent of households earned over $50,000 and under $100,000, the percentage dropped to 28.6 by 2014.”
According to the Census Bureau statement, “Between 2017 and 2018, the real median earnings of all workers increased 3.4% to $40,247.”
CONSUMERS AREN’T FALLING FOR THE DOOM & GLOOM MESSAGE FROM DEMS
The U.S. consumer is the engine of the economy. They still have unwavering confidence in the U.S. economy. They are spending.
According to a Commerce Department report, retails sales for August rose 0.4% from July — doubling Wall Street expectations of 0.2%.
In addition, August consumer spending spiked 4.6% from the year-ago period. Consumer spending is a leading indicator of sentiment about the economy, so it appears that Americans are ignoring the media’s constant fear-mongering.
“The winds of recession aren’t coming closer to shore if the consumer continues to buy their hearts out,” Chris Rupkey, chief economist at MUFG, told Reuters.
TAX CUTS 2.0
The tax cuts and the elimination of burdensome and unnecessary regulations have led to this good economy. There are more tax cuts to come.
On Friday, White House economic adviser Larry Kudlow told reporters that the administration is aiming to propose another round of tax cuts to provide tax relief to the middle class, with a plan expected to be drawn up by the middle of 2020.
“We’ll gather together the best ideas from the Hill, from the administration, and outside folks to provide a new round of significant middle-class tax relief,” he said.
“This is not a recession measure at all. The economy is very strong,” Kudlow added.