Wednesday, September 14, 2016
THANKS OBAMA! Report Shows US Families Incomes Soar As The Poverty Rate Dives
The report, released Tuesday, shows that economic recovery is finally providing relief to America's middle-class incomes.
The research showed the biggest improvement on job growth in decades and a rise in median household income to $56,500 last year, up 5.2%, or $2,800, from 2014... he sharpest annual increase on record!
One of that many exciting statistics showed that the median income growth was fueled by sharper gains in poorer families. Households at the bottom 10% of the economic ladder saw a 7.8% increase in income last year, while the top 10% in income had a 2.9% gain.
The report added the additional and unexpected good news of the nation's poverty rate falling to 13.5% in 2015 from 14.8% the year earlier. This was the largest single-year percentage drop since 1968!
The number of poor adults and children in America ($24,000 for a family of four) declined to 43.1 million last year, down from a peak of 46.7 million 2014. The nation's poverty rate had reached a two-decade high of 15.1% in 2010, a year after the Great Recession ended.
Although American families still have some distance to go to make up for many years of stagnating earnings and rising poverty these numbers indicate that the recovery from George Bush's Great Recession has taken hold.
The fact that American households may have more cause for optimism is a far cry from the histrionics acted out by the Republican Party and their standard bearer Donald Trump.
The Census Bureau report also showed further improvements in health insurance coverage of Americans a.k.a. Obamacare.
The news was hailed by President Obama and Democratic presidential nominee Hillary Clinton, as the GOP remain deathly silent about the better than expected economic news.
A question: How much do you think Donald Trump and all his advisors and surrogates regret their relentless efforts in trying to tie Hillary to President Obama’s economic policies?
Another interesting figure borne out in the Census showed that much of the economic growth experienced the past years was concentrated in large cities and away from the rural areas. This goes a long way in explaining why so many people from areas unaffected by the growing wages and declining poverty gravitate towards Donald Trump’s message of a declining America.
Read the census report HERE.
I’ve said it before and I’l say it again about this Obama economy… Thanks, Obama!