The average American household made an extra $5,003 during Donald Trump’s time in office, an economic consultant revealed on Nov. 7.
Steve Moore, who was nominated to serve as governor of the Federal Reserve, believes the U.S. economy is experiencing a middle-class boom. He confirmed the median household income rose 8 percent to $66,000 since the incumbent U.S. president took office on Jan. 20, 2017.
“This is tremendous news and documents substantial middle-class prosperity in Trump’s first three years in office,” Moore said in an opinion piece published by Fox Business. “The income gains are four times higher under Trump in less than half the number of years [Democrats were] in office.”
In comparison, during previous President Barack Obama’s seven years in the Oval Office middle-class incomes only rose $1,200 after the lingering effects of global financial crisis had finally ended.
Moore is concerned about the reason many mainstream media outlets, research organizations, Democrats elected to Congress did not celebrate this achievement and fears they have been enticed by the left side of politics to either censor or attack the credibility of official data because it would mean acknowledging Trump’s success.
“The left has chosen to either ignore this story altogether or to denounce these findings, which come from the gold standard of economic data, the U.S. Census Bureau,” he said. “This hostility to the good news was no doubt triggered by President Trump’s ebullient reaction. He has repeatedly tweeted out the numbers on middle class income gains and is now reciting these statistics in nearly every speech.”
Perhaps the Democrats are reluctant to celebrate because it would inadvertently discredit earlier remarks from Sen. Elizabeth Warren (D-Mass.) who claimed Trump’s economic boom was actually started by Obama.
“The left and the media are now engaged in a wholesale campaign to discredit the good news on family incomes,” he said. “Pundits have accused Trump of using phony numbers. The Washington Post recently ran a piece titled: ‘Here’s How Donald Trump Inflated His Economic Record.'”
The article published on Oct. 22 accused the president of telling “some whoppers” and discounted the jump in median household income as having “barely budged” due to soaring inflation that devalued the increase to just 2.7 percent or $61,526. This is despite the bureau’s data clearly showing the median household income was $66,000 according to Moore.
“What is not ever mentioned in the article is that the data comes from the census bureau’s ‘current population survey,’ which is the gold standard of economic data,” he said.
Sentier Research was also criticized by the mainstream media for not being an official data source. Moore defended two of the private firm’s statisticians who analyzed the census data as the “most knowledgeable people in the country on this income data.”
“Gordon Green was the chief of the income bureau at census for more than a decade, and his colleagues at Sentier helped build the economic model census uses to this day,” he said. “Sentier Research has been well-respected by journalists for years but, apparently, the Sentier numbers become unreliable when they point to good news under Trump.”
Critical media coverage also prompted Sentier Partner Gordon Green to clarify the firm “just report[s] the data.”
Moore maintains there has been no “calamity” or “recession” since the president took office, and suggested the only people making “rambling” distortions and deserve “Pinnochio noses” are Trump’s accusers.