On Tuesday the Census Bureau released its latest official statistics on how families are doing economically and financially. The numbers from 2019 blew the roof off the building.
Poverty rates fell to the lowest level — ever recorded. Median household incomes rose almost 7 percent and the poverty rate decreased to 1.3 percent. The progress was rapid among all groups — Asians, Blacks, Hispanics, women and families.
Gordon Green, who worked in the Census Bureau’s income and poverty division for more than three decades called these “the best numbers I have seen in my whole career. Usually, a 3 percent rise in incomes is considered very good. We got over 6 percent.”
Trump’s first three years in office created arguably the best stretch of across the board economic progress since Reagan’s first term.
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According to the Census Bureau’s report Blacks have seen their incomes rise by $3,389 under Trump. Hispanics have seen their incomes rise by $5,322 under Trump. Women’s incomes rose $3,029 in just three years.
Every group saw a larger income gain in three years under Trump than in eight years under Obama.
The report also found that poverty rates for every ethnic group fell to near or all-time record lows. This all coincided with record low unemployment rates for all races.
Here’s another amazing statistic of economic success. In Trump’s first three years in office median incomes for all households rose more than $6,000. In the 16 previous years under Bush and Obama incomes rose less than $3,000. Twice as much gain under Trump in one-fifth the time.
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The obvious policy lesson here is that Trumponomics not only worked — it worked much better than even the most ardent supporters of tax cuts and deregulation could have imagined.
Moreover, the rich didn’t just get richer. Everyone got richer.
Now all of this progress hit a wall in March 2020 when the pandemic hit. We have recovered a record 10.5 million jobs in the last four months, but a lot more work needs to be done.
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Democratic presidential nominee Joe Biden’s economic strategy is to reverse Trumponomics. He wants to repeal the Trump tax cuts; increase regulation on nearly every industry and activity, and declare war on American oil, gas, and coal. This would erase much of the progress made in Trump’s first three years.
In short, Biden wants to go back to the Obama economy. Trump wants to rebuild the economy after the pandemic using the strategy he used in 2017 and 2018.
Obama’s record gave America the weakest recovery from a recession in modern times.
Trump’s policies created the fastest economic progress in at least 30 years.
Americans now have a clear choice of two paths forward.
Stephen Moore is a senior fellow at the Heritage Foundation and an economic consultant with FreedomWorks. He is the co-author of “Trumponomics: Inside the America First Plan to Revive the American Economy.”
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