https://www.wsj.com/articles/a-tale-of-two-economies-11562199595
Judging from last week’s debate, Democrats running for President see America as a Dickensian nightmare of inequality. It’s the best of times for millionaires and billionaires, and the worst of times for everybody else. Time to wake up from the Barack Obama economy, folks, and admit how many more Americans are prospering from the faster economic growth and tighter labor market after the policy changes of 2017.
“Who is this economy really working for? It’s doing great for a thinner and thinner slice at the top,” Massachusetts Sen. Elizabeth Warren declared at the debate. “When you’ve got a government, when you’ve got an economy that does great for those with money and isn’t doing great for everyone else, that is corruption, pure and simple.”
Sen. Cory Booker, who hails from high-tax New Jersey, moaned that “I live in a low-income black and brown community. I see every single day that this economy is not working for average Americans.” California Sen. Kamala Harris added: “You ask [the President], how are you measuring the greatness of this economy of yours? And they point to the jobless numbers.”
Faster Growth, Rising IncomesCompound annual per capita income growth in selected states in the first nine quarters of the TrumpAdministration and the second term of the Obama AdministrationSource: Bureau of Economic Analysis
A Rising Tide Lifts More BoatsAverage hourly earnings growth on a monthly basis during the first 29 months of the Trump Administrationand the second term of the Obama AdministrationSource: Bureau of Labor Statistics
So job numbers and other economic evidence are fake news? Hardly. The reality is that wages are rising at the fastest rate in a decade for lower-skilled workers, and unemployment among less-educated Americans and minorities is near a record low. Democrats want Americans to believe the fictions they spin rather than what they see with their own eyes.