American Elephants

Trump? Expect A Second Great Depression ! by The Elephant's Child

Democrats learn with their mother’s milk that Republicans are basically quite stupid. If they were not they would be Democrats. Republicans give big tax cuts to the rich, and don’t care about ordinary folks, who may need help. They simply do not care about working people.

“[Donald] Trump’s economy is great for billionaires, not for working people,” Sanders likes to say. Meanwhile, House Speaker Nancy Pelosi grouses that under the Trump agenda, “the rich get richer, and everyone else is stuck paying the bill.”

Uh-huh. That’s been the standard liberal riff for the last couple of years as they try to explain how a president who they said would create a second Great Depression has created boom times with the lowest inflation and unemployment in half a century.

The facts, which the Left prefers not to take seriously, show something quite different. According to new Census Bureau data on the incomes of America’s middle class, Census Bureau researchers and statisticians at Sentier Research, the middle class has received gigantic income gains under Trump. The median or average-income family has seen a gain of $5,003 since Trump came into office. Median family income is now (August 2019) $65,976, up from about $61,000 when he entered office in January, 2017.

Under George W. Bush, the household income gains were a little over $400 in eight years. Under Barack Obama,  the gains were $1,043. That was in eight years for each former president. Under Trump, in less than three years, the extra income is about three times larger. They were asked to triple check the unexpected numbers, and in each case the income growth was $5,000. The tax cut added an additional $2,500 to a typical family of four’s after-tax incomes, so after taking account of taxes owed, the income of most middle-class families is up closer to $6,000 in the Trump administration. (Yoo Hoo, Nancy Pelosi!)

Democrats were quite sure that under Trump, the economy was going to create a second Great Depression. Instead, we have boom times with the lowest inflation and unemployment in half a century. Dang.

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