Income hit a record high and poverty fell to a record low since pre-recession times, according to a U.S. Census Bureau report released on Wednesday.
Based on the population survey, American median household income rose to $61,372. That’s a 1.8 percent increase from last year’s $60,309. This year’s medium income has earned the title of highest of all time, beating the previous all-time high, set in the 1999 dotcom boom with adjustment for inflation, according to the Washington Times.
As income is increasing, poverty is decreasing. In 2017, 12.3 percent of Americans, or 39.7 million people, were in poverty. That’s down 0.4 percent from the previous year. This marks the lowest poverty rate since 2006, before the 2007-2008 recession hit and led to a rapid increase in poverty.
These are facts no one can deny. No matter how Democrats try to spin the news, the fact is a majority of Americans have more money in their bank accounts now than they did ever in the history of this country’s existence.
It does not matter if tax cuts helped the rich more than they did the poor; the bottom line is the tax cuts helped everyone. There is no way around this fact. Failing to acknowledge this is a case of clear stubbornness.
If President Donald Trump and the Republican Party can maintain control over a strong economy yet still continue to boast a four percent GDP growth yearly, the next election will be a clear decision for voters. Ultimately, the economy is the best predictor in which party voters will place their faith in.