In reply to my recent guest column on the “New Democrats,” some believe that Trump’s economic policies have benefited mainly the rich. Trump’s tax reforms and deregulation have raised wages and driven unemployment to record lows.
Here are some demographic data on wages from the Bureau of Labor Statistics.
During the first eleven quarters of Trump’s presidency, for the bottom 10% of earners over age 25, wages rose an average of 5.9%. This compares with increases of only 2.4% during Obama’s entire second term.
Wages increased 3.2% for the middle two quartiles under Trump, whereas under Obama from 2012 to 2016 increases were 2.2 to 2.7%.
For those without a high school diploma, wages increased at an annual rate of 6.1%, and 3.9% for those with some college. This is three times higher than under Obama’s second term.
Wages have increased 5.8% for teens, 4.4% for ages 20 to 24, and 4.8% for ages 25 to 34. Also, under Trump, the 20.8% poverty rate for Blacks and 17.6% for Hispanics is the lowest on record.
The Council of Economic Advisors reports that from the end of 2016 through the first half of 2019, the net wealth of the top 1% of households rose 13%, minuscule compared to the 47% increase by the bottom 50% of households.
Other data also show that Trump’s economic policies have significantly helped the middle and lower classes.
On a separate topic, in one of the early Democrat debates the candidates were asked if illegal border crossings should be decriminalized.
Virtually all raised their hand in agreement. To be specific, Democrat candidates Booker, Warren, Steyer, Sanders and Buttigieg are in favor of decriminalization.
It is common sense that decriminalizing illegal border crossings means we would have open borders. One Democrat, Robert Francis O’Rourke (Beto), said that the border wall should be torn down.