One of the most persistent myths we are hearing out of Republicans is that the middle class is falling behind in recent decades.
The GOP is weirdly starting to sound like Bernie Sanders.
Here is the official Census data on median household income:
The period 1980 to 2021 saw the largest gain in real median family income in recorded history. Factory jobs have been lost to higher paying jobs – just as 100 years ago farm jobs were replaced by tractors.
These gains in living standards began with the Reagan era of free trade, lower tax rates, a strong king dollar, and a technology explosion continued under Clinton and Trump.
Real median family income in 1982 was $67,000 and it is now $100,800 – an astonishing 50% gain.
These stats, as measured by the Census Bureau, include some government cash benefits like Social Security and unemployment benefits, but do NOT include food stamps, Medicare, Medicaid, or the earned income tax credit. They understate the gains that families have made because they don’t include private health benefits, 401k contributions, or capital gains on stock and property.
Trade and technology RAISE median income, they don’t reduce it. It’s called progress!