Roaring economy: huge jump in national incomes, minuscule unemployment. Stephen Moore.

Oct 09, 2019, 10:10 PM
Image: Campaign poster showing William McKinley holding U.S. flag and standing on gold coin "sound money," held up by group of men, in front of ships — "commerce"— and factories —"civilization"; between 1895 and 1900. Public domain.
Steve Moore, chief economist at Heritage, on the state of the US economy, in cheerful detail. 

Trump’s Middle-Class Economic Progress   A new study indicates median incomes are rising far faster than they did under Bush or Obama.
       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.)  . . .