At their rambunctious debate on September 29, former Vice President Joe Biden said this about President Donald J. Trump: “We handed him a booming economy. He blew it.”
Not so fast, Sleepy Joe.
In fact, rather than “booming,” Biden and Obama bequeathed President Trump an economy that resembled a dehydrated garden. It was alive, but drooping. Obama-Biden’s recovery from the Great Recession was the most parched since the Great Depression.
The president treated the garden with Trumponomics: He irrigated it with the GOP’s Tax Cuts and Jobs Act (which every congressional Democrat opposed). He fertilized it with robust deregulation that junked eight old rules for every new one imposed. And he serenaded it with a pro-enterprise tone.
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Job creators welcomed Trump’s words of gratitude and encouragement rather than the threats, class-warfare hectoring, and success shaming of Barack “You didn’t build that!” Obama.
President Trump’s garden flourished. Companies budded, entrepreneurs bloomed, and workers blossomed – often reaching unprecedented heights. As late as February, the U.S. economy in winter recalled an arboretum in April.
- In terms of household finances, Trumponomics parted Obama’s gray skies and let the sun shine. Census Bureau data released September 15 show that inflation-adjusted median household income increased from $64,324 in 2018 to a record $68,703 in 2019, up 6.8 percent. This extra $4,379 in the typical American home is the largest one-year hike in this key barometer of well-being.
During Trump’s first three years, this metric advanced from $59,039 in 2016 to $68,703 in 2019. This $9,664 represents a 16.4 percent income boost (5.5 percent per annum on average) for everyday Americans.
Obama’s final three years featured an analogous income increase from $51,939 in 2013 to $59,039 in 2016. This $7,100 lifted marginal incomes by 13.7 percent (4.6 percent annually).
Across Obama’s eight years including the recovery from the Great Recession, median household incomes rose from $50,303 in 2008 to $59,039 in 2016. This additional $8,736 buoyed incomes 17.4 percent (2.2 percent yearly).
- The contrasts between Obama-Biden’s dusty yard and Trump’s lush grounds are starkest among those whom Leftists claim to champion most fervently: the young, the less educated, and people of color.
- Under Obama-Biden, in the six years between 2010 and 2016, those under age 35 saw their median incomes rise 5.8 percent. Under Trump, in the three years between 2016 and 2019, incomes for under 35s expanded 13.4 percent — more than double Obama-Biden’s performance.
- Those six years of Obama-Biden saw incomes for Americans without high-school degrees tick up 1.7 percent. Trump’s three years delivered high-school non-graduates a 9 percent income enhancement — more than quintuple Obama-Biden’s benefit, in half the time.
- Real median income accelerated last year by 7.1 percent for Hispanics, 7.9 percent for blacks, and 10.6 percent for those of Asian descent. Among black Americans, such monies grew from $39,490 in 2016, under Obama-Biden, to $45,438 in