With the elections drawing closer, Democrats are getting a bit panicky over how well the economy is doing and with polls showing most Americans give President Trump credit. In addition, the latest IBD/TIPP Economic Optimism Index has been in positive territory ever since Trump took office, while their Quality of Life Index hit a 14-year high in May and their Financial Stress Index is at an all-time low.
While no President can control the economy, Trump’s aggressive rollback of Obama’s top-down, high-tax, anti-business, pro-regulation policies has helped unleash growth and hiring that had been suppressed for years. Some Democrats are trying to deny Trump credit by claiming that all that growth Obama told us was a thing of the past and all those jobs he assured us were never coming back are somehow the results of Obama’s policies that Trump merely inherited.
Well, here are some more numbers that make that as hard to swallow as a week-old biscuit. A new study by Sentier Research found that in April, median household income in America reached $61,483, which is a 50-year high. When Obama took office, it was $56,731. After six years of his policies, it had fallen by about $200. True, by his last month in office, it had finally risen to $59,471, but that was slightly less than it was back in 2007, before the meltdown.
During that long period of anemic growth that Obama’s supporters celebrated like the Second Coming, I liked to use this analogy: the US economy is so robust, it takes a heavy load of incompetence to weigh it down when it should be on an up-cycle following a recession. It’s like an Olympic swimmer who’s had anchors hung around his neck. When he proved to be such a strong swimmer that he still managed to stay afloat, some people gave the credit for that to the anchors. Voters who saw through that nonsense elected Trump to cut the ropes and remove the anchors. Getting rid of your anchors after so long is such a relief that I’m not surprised the swimmer took off like a speed boat.