Trump's shiny new talking point about income growth

[mahatmakanejeeves]

Fact Checker • Analysis
Trump’s shiny new talking point about income growth

By Glenn Kessler
Oct. 28, 2019 at 3:00 a.m. EDT

“You know, a number just came out. I don’t know if you saw. Moody’s — respected. And it said that, under the Bush administration, for eight years, median household income went up $400. That’s over eight years. Okay? So, remember: $400, eight years. Under President Obama, median household income went up $975 over eight years. Over your favorite President — President Donald J. Trump — median household income, for two and a half years — so remember this: eight years, eight years, 400 bucks — 400 bucks. You don’t even — that gets wiped out by inflation. Four hundred dollars. Nine hundred and seventy-five dollars. In two and a half years, our number is $5,000, plus $2,000 for the tax cuts. Seven thousand dollars.”

— President Trump, remarks at Shale Insight Conference in Pittsburgh, Oct. 23, 2019

“Median household income under eight years of Obama was up $975. That’s eight years. Under eight years of President Bush — we had President Obama, $975. President Bush, $400. Eight years, eight years, $400, $975. Me, two and a half years, it’s up $7,000. $5,000 plus $2,000 for the tax cut that everybody got.”

— Trump, interview with Sean Hannity of Fox News, Oct. 21

The president has a shiny new talking point, courtesy of some opinion articles by Stephen Moore, a former campaign economic adviser whom he briefly nominated for a seat on the Federal Reserve Board. Moore argued that the median household income gain under Bush was a little over $400 and under Obama about $1,000, compared with $5,000 under Trump. He also added in the supposed tax cut savings.

But as regular readers know, The Fact Checker frowns on slicing and dicing economic data by presidential terms. Despite how much presidents like to brag about a successful economy under their watch, the nation’s economy is derived from many factors that do not involve presidential decisions — and are far beyond a president’s control.

In this case, the time periods are especially misleading. (Note: Contrary to what Trump says, Moore works for the Heritage Foundation, not Moody’s, and the numbers are already adjusted for inflation, so the president can’t say the gain under Bush would be “wiped out by inflation.”)

The Facts

{snip}

The Pinocchio Test

Trump may have reason to crow about the trends in the growth of household median income, but his framing is misleading, especially when he compares himself with Obama. In general, the gains documented are mostly a continuation of a trend started under Obama. Trump earns Two Pinocchios.

Two Pinocchios

[Wellstone ruled]

1. So all those Tariff's had zero effect on Households.

What the F Planet is this sucker living on. Those Rose Colored Contact Lens do work.

Funny thing,4K Truck Drivers were terminated in September. Swift Transportation announced the closing of their Pennsylvania Transfer Hub yesterday. Only effected 52 workers,but,it is one of their Busiest Eastern Freight handling Hubs.

And Swift Transportation is the Largest of all the Trucking Majors. Just the start,and those were Donnie supporters for the most part.

[Hoyt]

2. Unless something drastic happens, it's going to be tough to run against trump on median income gains

Sure, there are criticisms. But that is not where he and GOPers are really weak. It's healthcare, preparing for our economic future, climate change, bolstering Social Security, cost of education, tax cuts favoring wealthy and dramatically increasing deficit and debt, abuse of power, election tampering, nepotism, etc.

[Kaiserguy]

3. Where is my 5,000 Dollars

Dam I didn't get 5 grand. Hell I didn't even get a lousy T-shirt all I got was a tax increase and got to watch all sort of stuff that I buy go up in price.