No, Incomes Didn’t Soar In 2015
"On Tuesday, the Census Bureau released its annual report on income
and poverty in the United States, based on the Current Population
Survey. The report found that median household income increased by an
inflation-adjusted 5.2% in 2015. President Obama and Hillary Clinton
hailed this finding as a vindication of eight years of stagnation, and
newspapers played up the 5.2% increase as the best economic news in a
long time.
Of course, the Bureau’s own press release
noted that “this is the first annual increase in median household
income since 2007….” So it’s about time. Hillary Clinton probably won’t
be heard to say, “Vote Democrat, and once in a decade your income won’t
go down!”
Many observers wondered how we could have 5% income growth at the
same time we were experiencing 2% GDP growth, and even the most cursory
review of the report’s Table 1, which contains summary data, reveals
that the supposed 5.2% increase in household income has been badly
overhyped."
[Power Line]
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