According to a survey of the Federal Reserve’s banking system, President Trump’s economic policies helped middle and lower-class Americans increase their incomes between 2016-2019, Breitbart reported.
The report’s data does not consider the effects of the economy’s shutdown due to the CCP Virus; therefore, today’s result may differ.
The report titled, “Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances,” stated: “During the three years between the beginning of the 2016 and 2019 surveys, real gross domestic product grew at an annual rate of 2.5 percent, and the civilian unemployment rate fell from 5.0 percent to 3.8 percent. … “Families at the top of the income and wealth distributions experienced very little, if any, growth in median and mean net worth between 2016 and 2019 after experiencing large gains between 2013 and 2016 [during the Obama administration].”
According to the Census Bureau report, wages for full-time male employees at the midpoint of the national wage scale grew by an average of 2.1 percent to $57,456 per year in 2019, while for women in the same situation, the growth was 2.5 percent to $47,299 per year.
According to the Federal Reserve report, the average family income increased by five percent from 2016 to 2019. The median is the number in the middle between the top and bottom. For example, the median income of 101 people is the dollar value earned by the person in the 50th position in the middle.
The median income level of a family with a complete college education decreased by 2 percent while those of families without a diploma increased by 9 percent, the report states.
However, the Federal Reserve data does not take into account that these figures are mainly due to the number of foreign workers who are hired at lower wages than an employer would pay an American with the same diploma as well as the practice of outsourcing jobs abroad.
In this regard, President Trump signed an executive order to prevent federal funds from being used to hire foreign workers on United States soil with H-B1 visas. It also prevents companies from choosing to hire foreigners from outside the United States (outsourcing) when Americans have the same capacity to perform that work.
At the opposite end of the spectrum are the policies of Democratic candidate Joe Biden, who proposes to expand the entry of foreign workers and consumers into the United States.
Also, his campaign proposes to let mayors:
- import foreign workers for local jobs
- allow companies to import more workers with visas for university jobs
- expand the entry of immigrants
- suspend immigration enforcement against illegals
- increase the entry of impoverished refugees dramatically
- and provide more health care to arriving migrants.
Even as immigration expands the economy’s scale, increases the number of jobs, and boosts the stock market, there is ample evidence that immigrants displace many Americans and reduce their wages.
Based on both candidates’ proposals, in the next election, Americans have two clear options to choose from: ‘America first’ or eliminate borders, give in even more to globalization, and lose the last bastion of freedom.