Meanwhile, does the Fed’s interest-rate super-cut suggest the economy is in even worse shape than it seems?
Census numbers show Trumponomics wallops Biden-Kamalanomics.
No matter how political the Fed chairman, Jay Powell, may be, with his 50-bps election gift to Vice President Harris, the person who helped the American economy the most was President Trump. It’s not even close.
According to new Census numbers, real median income growth during Trump’s first three years, compared to President Biden’s first three years — that’s overall take-home pay for typical families — increased more than seven times as much under Trump than under Mr. Biden — up $7,690 for Trump, versus just $1,050 under Biden-Harris.
When you break it down among key demographics, though, Trump’s income numbers are almost ten times better than Mr. Biden’s.
Now stay with me on these numbers, folks — among whites, real median income increased $8,910 under Trump, compared to a measly $850 under Mr. Biden. That’s actually ten and a half times more.
Among Asians, income increased $14,600 under Trump, versus a paltry $1,500 under Mr. Biden. About ten times.
For Hispanics, $6,960 under Trump, versus only $700 under Mr. Biden. Again, just about ten times.
Among Blacks, it was $4,540 under Trump, versus $2,650 under Mr. Biden. So, about double.
This is one reason why Trump has been able to put together a working class coalition, spanning all racial and ethnic groups.
Remember, median income means that of all the incomes, this statistic captures the middle of the population.
And these Census numbers adjust for inflation.
The key takeaway here is how badly these groups have done under Mr. Biden — which I call the affordability crisis.
So, income growth under Biden-Harris was low, on top of which cost of living price increases were very high, outstripping income gains.
That is why people are worse off under Biden-Harris, and were much better off under Trump.
That is why Trump has such a large lead when it comes to the economy.
And no amount of election-year interest-rate finagling by Mr. Powell is going to change this.
Trump’s record is solidly entrenched in voters’ minds.
Mr. Powell, meanwhile, keeps telling people how great the Biden-Harris economy is — but, if so, why has he made a 50 basis point super rate cut, something that’s only happened in emergencies like 9/11 or Covid?
Or, maybe Mr. Powell is acknowledging just how bad the Biden-Harris economy really is, with perhaps more big job losses coming down the road, and even higher unemployment.
Trump has a better idea. Here’s what he said last night at his rally at Long Island, New York. “We are going to grow, grow, grow to start paying down our debt,” he said. “And we will keep the US dollar as the world’s reserve currency.”
Trump added: “We will deliver low taxes, low regulations, low energy cost, low interest rates, low inflation, so that everyone can afford groceries, a car and a home. Very simple.”
Now that’s a real economic growth plan.
Not some phony politicized interest rate cut.
From Mr. Kudlow’s broadcast on Fox Business Network.
https://www.nysun.com/article/harris-unable-to-compete-with-trumps-economic-record-and-new-census-numbers-prove-it
