Kerby Anderson
As I have mentioned in previous commentaries, there has been a significant difference of opinion between the media and average Americans about the economy. The media (and members of the Biden administration) point to certain positive economic indicators and believe Americans should be excited about our current economy.
Earlier this month, the Census Bureau produced its report on household income, poverty, and health coverage. They discovered that real median household income remains lower than in 2019 and has barely grown since 2020. The Wall Street Journal editorial explains “Why Americans Are Sour on the Economy.” The editors even provided a chart that shows contrast between the first three years of the Trump and Biden presidencies.
During the Trump years, incomes climbed for Asians by $14,600, for whites by $8,910, for Hispanics by $6,960, and for blacks by $4,540. By contrast, income gains during the Biden years were modest. Incomes for Asians rose only $1,500, for whites only $850, for Hispanics only $700, and for blacks $2,650. The editors add that because COVID reduced incomes in 2020, this comparison, if anything, flatters the Biden record.
If you look at the last year, you see an even more dismal record. Real median earnings for full-time workers last year declined 1.6 percent. The decline was even worse for high-school grads (3.3%). What that means is that inflation outpaced wages for most low-wage workers.
I think you can see why so many Americans are sour on our current economy.
This post originally appeared at https://pointofview.net/viewpoints/sour-on-the-economy/?utm_source=rss&utm_medium=rss&utm_campaign=sour-on-the-economy
