Study shows median incomes are rising faster than they did under Bush, Obama
Heritage Foundation senior fellow Stephen Moore weighs in Trump's middle-class economic progress.
Author and economist Stephen Moore pushed back Wednesday against Democrats who claim only the rich benefit from President Trump’s policies.
Moore, a senior economics analyst at the Heritage Foundation, highlighted on “Fox & Friends” a new study that shows median incomes in the middle-class are rising much faster than they did under Presidents George W. Bush and Barack Obama.
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Moore, who helped write the 2017 tax cuts, cited a report from the Census Bureau and said: “Since Donald Trump was elected and took office through July of 2019, median family incomes, middle-class incomes are up $4,100.”
"In the entire eight years that Obama was president, incomes only budged up about $1,000, so in one-third of the time, Trump has increased income by four times as much. We now have a median income of 65,000 dollars. That shows pretty clearly that the middle-class has been benefiting,” he added.
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In his decades in Congress and during both of his runs for the White House, Sen. Bernie Sanders, I-Vt., has railed against an American economic system that he says favors corporations and the rich, at the expense of the working class.
The release of the independent senator from Vermont's ‘Tax on Extreme Wealth’ follows a similar plan from one of his top rivals for the 2020 Democratic nomination, fellow progressive and populist lawmaker Sen. Elizabeth Warren of Massachusetts.
The Sanders campaign says their plan would impact approximately 180,000 households nationwide and would raise about $4.35 trillion in government revenue by the 2028 budget year.
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Moore argued that Democrats are going to have a hard time proving to Americans that their economic policies will be better.
“If these numbers hold up, it’s going to be difficult for any Democrat to beat Donald Trump because he’s proven to be the blue-collar president,” Moore said.
He acknowledged, however, that there was a poor report Tuesday on U.S. manufacturing and exports.
The ISM September Manufacturing Index slipped to 47.8, down 1.3 percentage points from August. A read below 50 signals contraction. More worrisome is new export orders, which hit 41 percent, a 2.3 percentage point drop from last month.
Fox News’ Paul Steinhauser contributed to this report.