Despite what you hear in the mainstream media, the rich aren’t the only ones who are benefiting from Donald Trump’s presidency and the Tax Cuts and Jobs Act.
The middle class is too, and poverty also is on the decline according to a recent report by the United States Census Bureau.
The report, titled “Income and Poverty in the United States: 2017,” highlights some of the great economic inroads accomplished during the first year of the Trump administration.
According to the report:
Summary of Findings
- Real median household income increased 1.8 percent between 2016 and 2017.
- 2017 real median earnings of all male workers increased 3 percent from 2016.
- The number of men and women with full-time jobs increased by 1.4 million and 1.0 million, respectively between 2016-17.
- The official poverty rate decreased by 0.4 percent between 2016-17, the third straight year of a decrease.
- The number of people in poverty in 2017 was not statistically different from 2016.
Highlights of Income in the U.S.
- The median household income was $61,372 in 2017, which is an increase of 1.8 percent from 2016.
- The real median income of family households in 2017 increased 1.4 percent to $77,713. Real median income for married couples increased 1.6 percent.
- The real median income of households maintained by non-Hispanic whites ($68,145) and Hispanics ($50,486) increased 2.6 and 3.7 percent, respectively. This is the third straight year of increases for these two groups. Among race groups, Asians held the highest median income ($81,331) for 2017.
- The 2017 real median earnings of all male workers increased 3 percent from 2016 to $44,408.
- The number of men and women working full-time jobs increased by 1.4 million and 1.0 million, respectively from 2016 to 2017.
- The 2017 real median income of family households increased 1.4 percent from 2016 to $77,713.
- For householders under the age of 65, the median household income increased 2.5 percent from 2016.
Poverty Highlights in the U.S.
- The official poverty rate in 2017 was 12.3 percent, down 0.4 percent from 2016.
- Between 2016 and 2017, the poverty rate for adults ages 18 to 64 declined 0.4 percent, from 11.6 to 11.2 percent.
Editor’s note: Do you feel an increased sense of financial security since President Trump took office? Let us know in the comments below.