Tags: stephen moore | middle class | trump | obama

Stephen Moore: Middle-Class Incomes Rise More Under Trump Than Obama

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Thursday, 03 October 2019 04:41 PM

Former Trump administration Federal Reserve candidate Stephen Moore predicts President Donald Trump will be “very difficult” to beat in next year’s election amid the continued growth of middle-class income.

The author and economist rejected Democrats who claim only the rich benefit from Trump’s policies.

Moore, a senior economics analyst at the Heritage Foundation, recently told “Fox & Friends” that a new study that shows median incomes in the middle-class are rising much faster than they did under Presidents George W. Bush and Barack Obama.

“Since Donald Trump was elected and took office through July of 2019, median family incomes, middle-class incomes are up $4,100,” said Moore, who helped write the 2017 tax cuts, citing a report from the Census Bureau.

"In the entire eight years that Obama was president, incomes only budged up about $1,000, so in one-third of the time, Trump has increased income by four times as much. We now have a median income of 65,000 dollars. That shows pretty clearly that the middle-class has been benefiting,” he added.

Moore argued that Democrats are going to have a hard time proving to Americans that their economic policies will be better.

“If these numbers hold up, it’s going to be difficult for any Democrat to beat Donald Trump because he’s proven to be the blue-collar president,” Moore said.

However, Income inequality in America is at its highest level in more than 50 years even as the U.S. economy continues to grow, albeit it at a moderate rate, according to new Census data released last week.

The separation between the rich and poor between 2017 and 2018 is greater than ever, with nine states seeing spikes in the divide, including California, Alabama, Arkansas, New Mexico, Texas, Nebraska, Kansas and Virginia. The gulf is highest in five states: California, Connecticut, Florida, Louisiana and New York. Equality was highest in Utah, Alaska and Iowa.

The U.S. median household income from the 2018 American Community Surveys was $61,937, smaller than the previous three years.

The government uses the Ginni index to measure wealth distribution, with zero representing total equality and 1 representing total inequality. In 2018, the Ginni index rose to 0.485, up from 0.397 more than 50 years ago.

"When you have a system where inequality is rising – and where some groups are perpetually overrepresented at the bottom of the income and wealth distribution, even when they follow the standard prescription for realizing the American Dream – it's a recipe for a politically and socially divided nation," said Cornell sociology professor Kim Weeden, director of the school's Center for the Study of Inequality, told CBS News.

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Former Trump administration Federal Reserve candidate Stephen Moore predicts President Donald Trump will be “very difficult” to beat in next year’s election amid the continued growth of middle-class income.
stephen moore, middle class, trump, obama
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2019-41-03
Thursday, 03 October 2019 04:41 PM
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