by Warner Todd Huston
The huge Trump economy has filtered to every sector of the country, including the Hispanic population which has seen the highest household income ever recorded.
According to government numbers, the median household income for U.S. homes where the householder claims to have Hispanic heritage has zoomed to a record high of $50,486.
“[W]e can confirm that real median household income was higher in 2017 than in any prior year for which we have data,” the Census Bureau told CNSNews.
The $50,486 Hispanic median household income in 2017 (as reported in Table A-1 of the Census Bureau report) was an increase of $1,786—or 3.7 percent–from the Hispanic median household income in 2016, which was $48,700 in constant 2017 dollars.
In its report—“Income and Poverty in the United States: 2017”—the Census Bureau cautioned on making historical comparisons between the report’s overall median household income numbers for years before and after 2013 because of changes the Census Bureau made in its survey in 2014.
“Although 2017 [overall] median household income appears to be the highest median household income ever reported from the CPS ASEC, comparisons to estimates prior to 2013 must be made with caution as the income questions were redesigned in the 2014 CPS ASEC (for income in 2013),” said the report
The Census Bureau also confirmed that this is the highest number recorded since records have been taken of this metric.
This is only the latest great economic news rolling in during the first few years of the Trump presidency.
In other news, after eight years of self-destructive policies under Obama, in just two short years under Trump America is again enjoying a massive boom. According to reports we have the lowest unemployment for decades, the highest optimism for small businesses, and we even saw a boom in summer travel.
One marker of how well we’ve improved was seen during the summer. Things have gotten so good for Americans that vacations and summer travel has increased. According to the Washington Examiner, several major airlines reported a rise in travelers this season.
“With a growing economy, steady employment gains, and household net worth at an all-time high in the first quarter of 2018 ($100.8 billion), passengers are taking advantage of persistently low airfares,” a spokesperson for Airlines 4 America, which represents the largest U.S. airlines, wrote in an email to the Washington Examiner.
From the Wednesday prior to Memorial Day and the Tuesday after Labor Day, the Transportation Security Administration processed 253 million passengers and crew, a 6 percent jump from last summer.
The TSA said that nine of the top 10 busiest weeks in its 15-year history occurred this summer.
Meanwhile, the small business sector is filled with optimism. We’ve gone form the dark days of “you didn’t build that” to a record in small business optimism, even topping the Reagan days.
CNBC has the story:
U.S. small business optimism surged to a record in August as the tax cuts and deregulation efforts of President Donald Trump and the Republican-led Congress led to more sales, hiring and investment, according to a survey by the National Federation of Independent Business.
The NFIB Small Business Optimism Index jumped to 108.8 last month, the highest level ever recorded in the survey’s 45-year history and above the previous record of 108 in 1983, set during the second year of Ronald Reagan’s presidency. The August figure was up from a 107.9 reading in July.
Speaking of the tax cuts, the GOP is now so sure that Trump’s tax package was a success that they are now trying to make it permanent.
This is a sea change for the GOP because they were always guarded about Trump’s tax policy saying only that they would give Trump’s plan a try to see if it works but assuming it wouldn’t. That attitude seems to have changed, The Wall Street Journal says:
House Republicans have introduced legislation to lock in cuts to individual tax rates beyond 2025, a proposal that will have trouble advancing in the Senate but which sends a signal about GOP priorities ahead of competitive midterm elections.
The sweeping, $1.5 trillion tax cut enacted into law last year permanently lowered the corporate tax rate to 21% from 35%.
But reductions in individual tax rates were scheduled to expire after eight years so the GOP could meet a restriction imposed as a condition of the fast-track reconciliation procedures used to pass the new tax law. The restriction mandated that the tax law couldn’t increase budget deficits beyond 2027.
Finally, we already know that multiple reports have told us that unemployment is lower than it has ever been. One recent report, for instance, found that unemployment is at a 49-year low!
So “Make America Great Again” is not just a bunch of hot air blown around at a campaign rally.
Vote accordingly in the upcoming elections, America.