By most objective accounts, the U.S. economy was roaring under the Trump administration prior to the outbreak of the coronavirus pandemic earlier this year.
The latest evidence supporting that observation came in the form of new U.S. Census data showing that median household income reached a record high in 2019 while the poverty rate dropped to an all-time low, as reported by Just the News.
Improvements across the board
Of course, COVID-19 and associated shutdowns decimated the economy almost overnight — and President Donald Trump has made restoring it a central theme of his re-election campaign.
Last year’s data reveals widespread improvement in the lifestyles of Americans of all backgrounds. In terms of rising income and a lower poverty rate, Black, Hispanic, and Asian Americans saw the biggest gains.
The White House Council of Economic Advisers released a report showing that real median household incomes rose by about 6.8% — or roughly $4,400 — annually to a record high of an average $68,700.
Asian Americans saw the highest rate — 10.6% — of all ethnic groups. Black Americans’ income grew by an average of 7.9% while Hispanic Americans saw an average increase of 7.1%.
In total, the median household income across the board had risen by about 9.7% since Trump took office, according to Just the News.
“The greatest and fairest economy in history”
Meanwhile, an estimated 4.4 million Americans were lifted out of poverty in 2019 with the poverty rate showing a decline of about 1.3%. That one-year drop represented the largest reduction in half a century and marked the historic low of 10.5% nationally.
Again, it was minority communities that experienced the most dramatic improvements. The poverty rate declined by 2.8% among Asian Americans, 2% for Black Americans, and 1.8% for Hispanic Americans.
For his part, the president touted the positive news during a White House press briefing on Wednesday.
“I created the greatest and fairest economy in history,” he said, according to a transcript provided by the White House. “The biggest gains went to lower-income Americans, as they measure that kind of thing.”
Trump went on to assert that the nation “will be back to full strength very soon” and predicted “a fantastic year next year.” In light of the notable improvements recorded across the U.S. economy last year, such a forecast is now likely much easier for many Americans to believe.