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November 13, 2019

Stephen Moore: We're Seeing an Undeniable Boom in the Middle Class Economy

It's just because people are working like nine jobs or something.

I recently wrote op-eds that ran in the Wall Street Journal and on these pages that showed median household incomes under Donald Trump have soared from $61,000 to an all-time high of $66,000 in less than three years into the Trump presidency. This is tremendous news and documents substantial middle-class prosperity in Trump's first three years in office.

The $5,003 rise in middle-class incomes is especially impressive given that incomes only rose by $1,200 in the seven years under Obama -- after the recession ended.

If the media, liberal think tanks and Democrats in Congress were truly concerned about the economic well-being of "hard-working families," as Elizabeth Warren likes to say, they would have cheered to the rafters this amazing news of rising incomes for nearly all groups.

Instead, the left has chosen to either ignore this story altogether or to denounce these findings, which come from the gold standard of economic data, the U.S. Census Bureau.

...

The income numbers are prima facie evidence that not only the rich, but the majority of middle-income households have benefited financially from the Trump economic boom. This same data also undermines the other riff from the Elizabeth Warren crowd, which is that the Trump economic boom is merely a continuation of the Obama trend. The income gains are four times higher under Trump in less than half the number of years in office.

He then documents how the "Democracy Dies in Darkness, and We Aim to Prove It" Washington Post set out to write several fake news articles claiming that they had "alternative facts" showing that the greatest prosperity the world has ever seen really isn't anything.

Even the Obama-supporting Jamie Dimon of Chase Bank says so, knocking down CBS harlot Leslie Stahl's attempts to poor-mouth the economy:

esley Stahl: Well what about the issue of unpredictability right now on the economy. Is that worrisome to you. It must be worrisome to every businessman in the country.

Jamie Dimon:The world is unpredictable. I think itís a mistake.

Lesley Stahl: Well, more unpredictable than usual.

Jamie Dimon: No. If you look at history, if you take a newspaper and open it at any month of any year, youíd have the same list of hugely unpredictable things.

Lesley Stahl: Why doesnít it feel that way? Why does it feel as if we were in a particularly uncertain time?

Um, because you're a neurotic bitch who lives on Twitter and soars and seethes with every tweet about your obsession, Donald Trump?

Just a guess.

Dimon says that the only geopolitical event to really hurt the economy was the 1970s oil embargo. Vietnam, though transformative in many ways, did not damage the economy.

Lesley Stahl: And the economy wasn't affected, is that what you're saying?

Jamie Dimon: Barely. This is the most prosperous economy the world has ever seen and Itís going to be a very prosperous economy for the next 100 years.

Both links via the mighty Instapundit.


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posted by Ace of Spades at 05:57 PM

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