Dick Morris: There Is No Wage Stagnation - It's a Liberal Myth
It has become axiomatic that wages are stagnant in the U.S. and have been so for 20 years.
If you confront a liberal with the rapid economic growth since the Trump tax cut passed, he will always say that wages are stagnant.
But that is wrong! Dead wrong!
From 1999 through 2012, it is true enough that real median household income (adjusted for inflation) dropped from $58,665 to only $53,331 — a drop of almost ten percent.
But since 2013 it has recovered, increasing at an especially rapid pace in 2018 under the Trump administration.
Here are the stats from the Labor Department for real median household income:
1999 $58,665
2012 $53,331
2013 $55,214
2014 $54,398
2015 $57,230
2016 $59,039
2017 $59,055
July 2018 $62,175
So family income has risen by 17 percent since 2012 and by 5 percent in the first half of 2018.
While the Trump tax cut is only 8 months old and its full impact won’t be visible for another year or two, the turnaround since it was passed over Christmas 2017 is dramatic.
Real median household income has risen more in the past 8 months than it has in any year-over-year comparison since the 1990s.
Politically, once it becomes widely known what a piece of what Trump would call “fake news” the wage stagnation really is, it is hard to see what the left’s comeback can be.
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