The U.S. Census Bureau reports very good news, especially for those at the bottom of the income ladder. How about that? Take note, socialists: capitalism works.
In the Trump era, the poverty rate is falling fast by 1.4 million people. It’s now at the lowest level since before the financial crisis. Single moms now have the lowest poverty rate on record.
At the same time, household income is rising. In the Obama years, it was stagnant. In 2018, annual household income reached an average of $63,179 and that is above the highs of 2007 and 1999.
We are better off.
This is because, in the Trump era, millions of people are going back into the labor force and earning good money. Just last year, 700,000 men and 1.4 million women found full-time work. It’s amazing what economic growth does for all Americans.
One more: as employment and incomes rose, inequality declined. The top income earners took a smaller slice of the income pie.
This confirms the success of Mr. Trump’s tax and regulatory red tape cuts. He went for growth, we got growth and we all did better.
This bursts the socialist’s bubble. The Democratic presidential candidates pound on the same theme: “create an economy that works for all of us.”
Well, it is working for all of us. It is Trump, not socialism, that has delivered.