According to the U.S. Census Bureau, median household income for Americans rose by 5.2 percent in 2015, the largest annual increase since the statistic was created back in 1967.
The increase was spread demographically as well, reaching all sectors of the American people.
“The real median income of Hispanic households increased by 6.1 percent between 2014 and 2015,” the Census reported. “Non-Hispanic white and black households also saw increases of 4.4 percent and 4.1 percent, respectively.”
The lowest increase in median household income occurred here in the South, with a still notable rise of 2.9 percent.
“The largest increases in incomes were for households in the bottom fifth of all earners, while incomes declined slightly for households in the top fifth. The ratio between incomes for households at the 90th percentile and 10th percentile declined last year.
Among all full-time, year-round workers, women saw substantially larger earnings gains than men, posting an annual increase of 2.7%, compared with 1.5% for men. The increases narrowed the pay gap between women and men to the lowest level on record.”
The official poverty rate — calculated before payment of any government benefits — fell by 1.2 percent, the biggest annual decline since 1999. Among black Americans, it fell by 2.1 percent. Thanks largely to ObamaCare, the percentage of Americans without health insurance fell to 9.1 percent, down from 10.3 percent.
Meanwhile, Donald Trump is complaining that “we have a very false economy” and that the jobless rate is much higher than the reported 4.9 percent, as if you’re not really seeing all those “Help Wanted” in storefronts. He’s been saying at least since January that the stock market was about to collapse, yet since then the Dow has jumped from 16,300 to over 18,000.
As recently as May, Trump was lauding Federal Reserve Chair Janet Yellen for keeping interest rates law, arguing to the Wall Street Journal that raising rates would be a disaster economically. Now he’s arguing that Yellen is a political hack who “should be ashamed” for keeping rates artificially low just to boost the Obama administration and Hillary Clinton.
Oh, and Oxford Analytics, the private economic forecasting firm, has issued a report warning that if Trump becomes president, his policies will cost the U.S. economy an estimated $1 trillion in lost growth by 2021.