Middle-Class Incomes In 2016 Reached Highest Level Ever Recorded

Middle-Class Incomes In 2016 Reached Highest Level Ever Recorded

Here’s President Obama’s final report card on the economy for the last year of his presidency.

And the news is good.

According to the Census Bureau, middle-class American incomes reached the highest level ever recorded in 2016.

From the Washington Post:

Median household income rose to $59,039 in 2016, a 3.2 percent increase from the previous year and the second consecutive year of healthy gains, the Census Bureau reported Tuesday.

The nation’s poverty rate fell to 12.7 percent, returning nearly to what it was in 2007 before a financial crisis and deep recession walloped workers in ways that were still felt years later.

“There’s a danger that this is as good as it gets,” said Peter Atwater, president of Financial Insyghts. “We are already at a 16-year low in unemployment. The likelihood of significant job growth from here is limited.”

Trump promised that a combination of tax cuts, infrastructure investment packages, renegotiated trade deals and the repeal of Obama administration regulations would deliver a burst of job creation and attendant economic growth.

So far, no such boom can be found.

In Trump’s first seven months, the U.S. economy has added about 25,000 fewer jobs per month than it did during the last seven months of Barack Obama’s presidency.

It’ll be interesting to see how the next three years go under Trump having been handed a healthy U.S. economy.