Yesterday, the Census Bureau released new data, showing historic gains for America’s families and workers last year. Median household income surged to a record high of more than $68,700 last year. The increase of 6.8 percent is the largest one-year increase on record.
Additionally, the poverty rate fell to 10.5 percent last year, a record low, with 4.2 million Americans lifted out of poverty, the largest decrease in poverty since 1966.
The Trump economy delivered more for the American people in three years than the Biden economy did in eight.
Median household income increased by 9 percent in the first three years of the Trump Administration, compared to only 5 percent under eight years of Biden-Obama. From 2016 to 2019, 6.6 million Americans were lifted out of poverty, “the largest 3-year reduction” in poverty to start a presidency since 1964. While Biden was Vice President, the number of Americans in poverty increased by nearly 787,000.
Higher incomes and lower poverty are helping Americans across the board. Median household incomes for Black, Hispanic, and Asian Americans all hit record highs last year, along with a record high median income for women.
The income gains for Black, Hispanic, and Asian Americans were all one-year record increases. According to the Council of Economic Advisers “the poverty rate fell to an all-time record low for every race and ethnic group in 2019.” The child poverty rate is at a 50-year low and income inequality has fallen over the last two years.