The U.S. Census Bureau reported median household income in America was $59,037 in 2016 which surpassed the previous record high of $58,655 in 1999. The numbers are adjusted for inflation. The Bureau said the increase in earnings were due to so many people finding full time jobs and or better paying jobs. The poverty rate fell to 12.7%, the lowest since 2007. Also, Americans with out health insurance dropped last year to 8.8% largely due to the ACA.
The good economic news reflects the results of the sound economic policies of the Obama administration that left behind the carnage of the great republican recession of the George W. Bush administration. It was a slow recovery due to the severity of the recession but was a steady recovery gaining back all 7 million jobs lost and creating new jobs now in its 83rd. straight month. And it was the democratic controlled congress who passed Obama's economic plan and stimulus early in his first term which the republicans opposed.
And once again PolitiDose was at the forefront early on in predicting the democratic administration of President Obama would lift the country back into economic good times because of precedent. And the Obama administration did it despite allowing the Bush tax cuts to expire and the republican promise not to lift a finger to help Obama soon after he was elected President. The administration also left office with a smaller deficit than Obama took office, some thing no republican President has accomplished in the last 50 years.
It is no surprise to this writer the previous record median family income as noted herein took place in the year 1999, because that was the democratic administration of President Bill Clinton who presided over the greatest economy and job creation of the 20th century. To make it easy to understand, the administrations of Bill Clinton and Barrack Obama created more jobs in the 16 years they served than all the republican administrations since 1929.
Yes, my fellow Americans, President Obama bequeathed to President Trump an expanding economy that is creating jobs with increasing income and a much smaller deficit, a safer and strong America and a sane approach to governing. And one day, history will record what Trump will leave to his successor. Until then, democrats are still the best at governing in all phases.
Note: For Job creation, see my commentary dated 9/5/2010 titled, Job Creation for Presidential Terms, 1929-2008.
This commentary written by Joe Lorio
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