At their rambunctious debate on September 29, former Vice President Joe Biden said this about President Donald J. Trump: “We handed him a booming economy. He blew it.”
Not so fast, Sleepy Joe.
In fact, rather than “booming,” Biden and Obama bequeathed President Trump an economy that resembled a dehydrated garden. It was alive, but drooping. Obama-Biden’s recovery from the Great Recession was the most parched since the Great Depression.
The president treated the garden with Trumponomics: He irrigated it with the GOP’s Tax Cuts and Jobs Act (which every congressional Democrat opposed). He fertilized it with robust deregulation that junked eight old rules for every new one imposed. And he serenaded it with a pro-enterprise tone.
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Job creators welcomed Trump’s words of gratitude and encouragement rather than the threats, class-warfare hectoring, and success shaming of Barack “You didn’t build that!” Obama.
President Trump’s garden flourished. Companies budded, entrepreneurs bloomed, and workers blossomed – often reaching unprecedented heights. As late as February, the U.S. economy in winter recalled an arboretum in April.
- In terms of household finances, Trumponomics parted Obama’s gray skies and let the sun shine. Census Bureau data released September 15 show that inflation-adjusted median household income increased from $64,324 in 2018 to a record $68,703 in 2019, up 6.8 percent. This extra $4,379 in the typical American home is the largest one-year hike in this key barometer of well-being.
During Trump’s first three years, this metric advanced from $59,039 in 2016 to $68,703 in 2019. This $9,664 represents a 16.4 percent income boost (5.5 percent per annum on average) for everyday Americans.
Obama’s final three years featured an analogous income increase from