The hardworking men and women that comprise America’s middle class had their highest earnings ever recorded last year, the United States Census Bureau reported on Tuesday; a critical figure suggesting the US economy was back on track following years of tepid growth.
According to the Washington Post, median household income for average American families was $59,039 last year, beating the previous record of $58,655 back in 1999. The figures are adjusted to account for inflation, and show an American economy roaring back to life.
Additionally, the United States poverty rate fell to 12.7%, the lowest levels seen since 2007, just months before the fiscal crisis devastated the American economy.
President Trump campaigned largely on bolstering the middle class, whom he said were often neglected and haven’t seen real wage increases since the early 2000s. Since taking office, Trump has slashed burdensome regulations that economists believe unnecessarily hindered the job market.
Speaking last month, the President turned his sights to tax reform, saying this was a “once in a generation” opportunity to provide tax relief to the hardworking American families.
“We’re here today to launch our plans to bring back Main Street by reducing the crumbling burden on our companies and on our workers,” Trump told a crowd in Missouri. “The foundation of our job creation agenda is to fundamentally reform our tax code for the first time in more than 30 years.”
US Economy SMASHES ESTIMATES, Adds 230K Jobs
The United States economy added approximately 228,000 jobs in November alone; slashing the unemployment rate to just 4.1 percent and busting expectations that predicted payrolls to grow by 200,000.
According to CNBC, average hourly earnings also rose by 0.2 percent in the same month; resulting in 2.5 percent growth in 2017.
“The November employment data is largely as expected. For an expansion that began in mid-2009, no negative surprises are welcome,” said a senior economic analyst at Bankrate.com. “The lingering impacts of recent hurricanes and flooding have reverted back to relative calm in the statistics, meaning that this is a ‘cleaner’ number.”
Surprisingly, the second largest gains were seen in the manufacturing sector; adding 31,000 jobs in the industry. The economy saw a total in goods-producing occupations tick upwards to 62,000.
Construction also saw steep gains, adding 24,000 jobs –most of which were in “specialty trade” contracts.
“With continued improvement in the labor market, room for continued upward trajectory in 2018 is likely limited because there’s not much slack left to hire workers for further growth,” said one economist.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.