Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
Related: About this forumHow to Lie with Statistics: "The Blue-Collar Labor Boom Reduces Inequality"
ECONOMY & JOBS
The Blue-Collar Labor Boom Reduces Inequality
January 15, 2020 4 minute read
Council of Economic Advisers
Since President Trumps election, the Dow Jones Industrial Average (DJIA) has hit 127 record closingsmore than any other presidents first three years since 1952. But wealth gains under the Trump Administration extend far beyond the stock market, andin contrast to past periods of economic expansionrecent growth is not only concentrated among the wealthiest Americans.
Real total household and nonprofit net wealth increased 12.1 percentover $12 trillionover the first 11 quarters of the Trump Administration. This is more than any other presidents first 11 quarters since this data series began. Since President Trumps election, the working class has seen the largest growth: Net worth held by the bottom 50 percent of households has increased by 47 percent, more than three times the rate of increase for the top 1 percent of households.
These recent gains are a sharp departure from the past. Under the Trump Administration, net worth for the bottom 50 percent of households has increased at an annual rate 15 times higher than the average growth seen under the three prior administrations expansion periods, as shown in the figure on the left below.
More recently, wealth inequality has declined following the passage of the Tax Cuts and Jobs Act (TCJA), as the share of net worth held by the bottom 50 percent of households has increased while the share held by the top 1 percent of households has decreased, as shown in the figure on the right below.
Beyond wealth, income measures also show lower-income Americans realizing the strongest gains. Under President Trump, real take home pay for the typical middle class family has increased by roughly $5,000. And, at more than $66,000, real median household income is now at the highest level ever recorded.
{snip}
The Blue-Collar Labor Boom Reduces Inequality
January 15, 2020 4 minute read
Council of Economic Advisers
Since President Trumps election, the Dow Jones Industrial Average (DJIA) has hit 127 record closingsmore than any other presidents first three years since 1952. But wealth gains under the Trump Administration extend far beyond the stock market, andin contrast to past periods of economic expansionrecent growth is not only concentrated among the wealthiest Americans.
Real total household and nonprofit net wealth increased 12.1 percentover $12 trillionover the first 11 quarters of the Trump Administration. This is more than any other presidents first 11 quarters since this data series began. Since President Trumps election, the working class has seen the largest growth: Net worth held by the bottom 50 percent of households has increased by 47 percent, more than three times the rate of increase for the top 1 percent of households.
These recent gains are a sharp departure from the past. Under the Trump Administration, net worth for the bottom 50 percent of households has increased at an annual rate 15 times higher than the average growth seen under the three prior administrations expansion periods, as shown in the figure on the left below.
More recently, wealth inequality has declined following the passage of the Tax Cuts and Jobs Act (TCJA), as the share of net worth held by the bottom 50 percent of households has increased while the share held by the top 1 percent of households has decreased, as shown in the figure on the right below.
Beyond wealth, income measures also show lower-income Americans realizing the strongest gains. Under President Trump, real take home pay for the typical middle class family has increased by roughly $5,000. And, at more than $66,000, real median household income is now at the highest level ever recorded.
{snip}
The $5,000 figure is just a flat out lie. I'll link to one of the many rebuttals of that.
Now, why do you suppose that the bar on the left is for the averaged results of the last three administrations? Wouldn't it be more, oh, honest?, to show each administration's results individually? You'd see the results for Clinton, Bush, and Obama individually. I'll bet that would show something that Trump does not want you to see.
{edited to add}
Trump pushes some extremely dubious numbers about median household income during his term. See a fact-check here: https://www.factcheck.org/2019/11/trumps-shaky-5000-boast/
Link to tweet
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 897 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
How to Lie with Statistics: "The Blue-Collar Labor Boom Reduces Inequality" (Original Post)
mahatmakanejeeves
Jan 2020
OP
NoMoreRepugs
(9,435 posts)1. I call Bullshit on the "flip" in net wealth accumulation
statistics under the RUMP administration.
mahatmakanejeeves
(57,489 posts)2. You should. I just added a link to the fact-check on those claims. NT
Farmer-Rick
(10,185 posts)3. We are a nation of sales clerks and fast food servers.
The majority of Americans who are employed, are sales clerks. The next largest group, and almost equals the number of sales clerks, is food servers.
How is that in anyway a blue-collar boom??????
The Council of Economic Advisors is just another propaganda tool for Traitor Trump. They lie and lie and lie
Capitalism, the filthy rich and Traitor Trump has turned America, a once powerful manufacturing powerhouse, into a nation of poorly paid menial clerks and servers.
Blue collar boom my a**.