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Originally Posted by ThePrince
Ok great - so you agree that by 2019, much of Trump's monetary policy should have started to take effect. So does mean you agree that 2019 being the highest YoY growth rate in real median household income over the last 40 years is at least partially due to Trump's economic policies?
https://fred.stlouisfed.org/series/MEHOINUSA672N
Because if you agree with that, you might be able to make the jump that a lot of people were happy with Trump's economy and saw the effects of that in their purchasing power, and therefore it's not just "dumb American idiots" that voted for him. And that Trump's economic policies might not be as bad as being painted here by the hyperbolic catastrophizers. |
Again, you need to consider the pandemic. The data collection for 2019's number took place in February-April 2020, and the non-response rate was significantly higher than in prior years and wasn't random either:
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In 2020, higher income households were considerably more likely to respond to the CPS ASEC, biasing income statistics up. With our adjusted weights, we estimate that the survey overstated household income across the distribution, including by 2.8 percent at the median.
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https://www.census.gov/content/dam/C...-wp2020-10.pdf
Adjusting for that, the real median household income (in 2023 dollars) would be $78.9K, lower than it was in 2020, 2021, and 2023. And the growth rate would be roughly on par with what we saw from 2022 to 2023.