Posted on 09/22/2020 11:51:52 AM PDT by Kaslin
The amazing strength of the data in that report show what the American economy, and American workers, can achieve—if given the right policy environment and opportunities.
Based on a Census Bureau report released last Tuesday, the current debate over economic policy might come down to a question of numbers. Which would you prefer: A $1,200 “stimulus” check while not working during lockdowns, or a nearly $4,400 pay increase in a growing job?
The Census report, which chronicled changes in income and poverty in 2019, documented the state of the economy well before the coronavirus hit. But the amazing strength of the data in that report shows what the American economy, and American workers, can achieve—if given the right policy environment and opportunities.
The headline number from the Census report sounds so large as to be a misprint: Real median income for American households increased 6.8 percent in 2019—a jump of almost $4,400. Think about it for a moment: How many businesses offer 6.8 percent annual raises to all their workers?
The statistic becomes even more meaningful when considering the terminology. The phrase “real median income” means the figure 1) takes inflation into account and 2) represents the 50th percentile of American income—so a big increase in income for the top 1 percent of earners won’t move the median income number one bit. In other words, the benefits of this economic growth went to the vast majority of American households.
The poverty rate also declined in 2019—for the fifth consecutive year. Last year the poverty level fell to its lowest rate (10.5 percent) since the federal government started keeping records in 1959. As with the median income statistic, it shows that the economic boom benefited all classes of Americans, not just the wealthy.
Beyond those two headline data points, other elements of the Census report show the benefits of widespread prosperity:
The data also undermine the current leftist stereotypes about the United States’ supposed systemic racism, misogyny, and xenophobia:
Again, these statistics, coupled with the fact that the poverty rate declined the largest for groups like single mothers and individuals with disabilities, show how the broad-based economic boom reduced inequality, bringing benefits to the vast majority of American families.
All that said, a few caveats seem in order. While the Trump administration undoubtedly will attempt to take credit for these impressive statistics, presidents don’t create jobs—not jobs in the private sector, anyway.
One can easily argue that presidents, regardless of party, get too much credit when the economy succeeds on their watch, and too much blame when the economy falters. The most any president can do is create a positive, pro-growth environment, and allow private businesses to succeed.
Second, to the extent that President Trump will credit the 2017 tax bill for sparking the economic boom, that legislation represents a bill that will eventually come due for the American people. Because Congress has allowed government spending to continue to rise as tax revenues remained flat or declined, the nation faced a large and growing fiscal gap well before the coronavirus came from China’s shores and made things worse.
Third, and most obviously, the Census data show the state of the pre-COVID economy. What it will look like once the pandemic passes (and it will pass, eventually) remains to be seen.
But at present, Democrats like House Speaker Nancy Pelosi (D-Calif.) are spending all their energy fighting for another “stimulus” that would keep paying people more to stay on unemployment than to return to work. Given the way last year’s gangbusters economy gave the vast majority of households a whopping raise, perhaps Democrats should consider that the American people—to say nothing of the economy as a whole—would benefit from people working rather than on the government dole, and tailor their policies accordingly.
Globalists knew. That’s why they reacted to a coronavirus they way they did.
NEVER FORGET who instigated this attack.. CHINA, ALONG WITH THEIR DNC PUPPETS WHO NEVER CRITICIZE THEM!
Trump’s economic success was just killing them.
HowCome nobody seems to notice that when the dhimmicrats failed on impeachment And every pundit on the planet started saying that the only way to take out Trump would be if the economy died, that suddenly, overnight, a world wide pandemic happened and the only way to solve it was to wreck the economy? Nobody seems to mention that FelchiFa magically seems to fit the description of O’Bungholes civilian army either
agree. World wide effort on the part of the New World Order types to fight back against the surge of truth coming from Trump and other conservative leaders.
Median incomes will be significantly higher in Dec, 2020 than they were in Dec, 2019.
“..The DemonRat-driven Covid shutdowns were/are an all-out assault on America and Trump’s economic successes.
NEVER FORGET who instigated this attack.. CHINA, ALONG WITH THEIR DNC PUPPETS WHO NEVER CRITICIZE THEM!...”
The whole thing was a globalist/DNC plot to destroy the economy and the POTUS. Both, Scarf and Fauxi, should already be doing time in a cell in GITMO as domestic enemy combatants for what they outright deliberately foisted on the economy and the People knowing full well the agenda and the intent. Especially, that little PIAPS-loving, commie weasel Fauxi. That SOB right there helped finance that CCP lab that likely produced this crap to start with. He knew well in advance and even bragged about it. Hanging both of these POSs is waaaaayyyyy too good for both of em.
Saved for later read.
Meanwhile, Biden and the rest of the Demagogic Party (or should I say that the other way around?) want open borders and higher taxes, after trying to tank the economy.
Bump
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