The American middle class is getting a pay raise for the first time since 2007. A new report from the U.S. Census Bureau showed the median household income increased 5.2 percent in 2015 to $56,516. And the report showed there is more good news in store for the economy.
The middle class was not the only group to receive some good news, as the economy as a whole seems to have gotten a boost. The Census report showed the poverty rate decreased to 13.5 percent in 2015, which is a pretty decent decline from 2014’s 14.8 percent mark. Meanwhile, the unemployment rate dropped to 5.3 percent from 6.2 percent the previous year. And don’t fret as the good news continues to spread as the Census report showed 3.3 million more people are now working full time.
Donald Trump has been on the campaign trail preaching that the middle class is in a downward spiral, pointing to the fact incomes are down $4,000 as compared to 2000. But CNN Money reported Trump is using 2014 figures to prove this point. And across the board, most Americans seem to be getting a pretty healthy pay raise:
Broadly based income gains, particularly at the bottom.
(Source: https://t.co/8TBIj0xaUT) pic.twitter.com/5VL0fgaz4j— Justin Wolfers (@JustinWolfers) September 13, 2016
The middle class has been a major talking point in the election cycle and today’s data will certainly be brought up as November inches closer. Hopefully, this means more fiery Joe Biden speeches about the middle class are on their way.
(Via CNN Money & Market Watch & Financial Times)
