We can't depend on SS or his Navy Pension for decent COLA raises.
Go Trump GO.
Posted on 09/30/2019 5:11:26 AM PDT by karpov
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.
These statistics were published by two former census income-research specialists with 50 years experience who now run Sentier Research, a nonpartisan research group. Sentier analyzes the Census Bureau’s monthly Current Population Survey to calculate the most up-to-date changes in median household income, which it publishes six months to a year ahead of the official annual numbers. Sentier’s advance estimates are imperfect and sure to be revised, but generally have been a reliable leading indicator. (The big rise Sentier reports doesn’t account for the effect of the 2017 tax cuts, which saved the average household $1,400 in 2018, according to my colleagues at the Heritage Foundation’s Center for Data Analysis. For married couples with two children, the figure was more than $2,900.)
Sentier’s data squares with other economic trends. It explains why consumer spending has surged this year and major retailers like Lowe’s and Target report massive sales. White House economic adviser Larry Kudlow had it right when he said last month that, due to fatter paychecks, families are spending and saving more [simultaneously].
(Excerpt) Read more at wsj.com ...
What has failed to keep pace is SS and Military Pensions.
That 1.6% COLA raise we are supposed to get this year 99% will go to Medicare. Then Tricare will Up their Co-Pays. We come out in the hole. We can’t file long form, we paid off all debt. We paid out nearly $9,000 in Medical expenses last year. Can’t deduct a dime.
Ponzi scheme works really well, the illegals are on it.
Why do you have to hit some sort of threshhold in medical bills in order for it to be deductable if health care is a “right”? No one ever asks any politician this question.
“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.”
So the middle class under Trump’s 3.5 years have already done over 4 times better than under 7.5 years under Barry the Zero. Only the deranged left (like Fauxcahontas) will try to deny this obvious turnaround under Trump.
The globalists at WSJ are putting this out as warning. They hate rising wages. The want more legal immigration to stamp this “problem” out. The WSJ is not pro worker or pro middle class. Don’t be fooled.
My income has gone up by 1/3rd in the last 3 years. I’m confident I’ll be able to wrangle another nice bump next year.
The Obama years were so bad for me people who don’t know me wouldn’t believe it if I told them. I’d crawl over broken glass to vote for Trump next year.
Obama, does that answer the question, he and his gang changed the IRS tax laws. You have to have $26 K deductibles. Like responsible Seniors we paid off all debt. We have only Medical and Property taxes to deduct.
We can't depend on SS or his Navy Pension for decent COLA raises.
Go Trump GO.
Don’t they mean “unexpectedly?”
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