FOX Business host Larry Kudlow discusses the former president’s working-class coalition on ‘Kudlow.’
No matter how political Fed Chairman Jay Powell maybe, with his 50-bps electoral gift to Kamala Harris, the person who helped the American economy the most was Donald Trump in the pre-pandemic period in the first three years of his administration.
New census numbers show that real median income growth during Mr. Trump’s first three years Trump before the pandemic compared to Joe Biden’s – the take-home pay for ordinary families – has increased fivefold under Mr. Trump than under Mr. Biden. – increased by $6,040 for Trump, compared to just $1,050 under Biden-Harris.
When you break it down into key demographics, Mr. Trump’s are 10 times better than Biden’s. For example – now, stay with me on these numbers, folks – among Whites, the real median income increased by $8,910 under Trump, compared to a measly $850 under Biden. That’s 10 and a half times more.
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For Asians, income increased by $14,600 under Trump, compared to a measly $1,500 under Biden – almost ten times. For Hispanics, $6,960 under Trump, compared to only $700 under Biden. Again, about 10 times. For Blacks, it was $4,540 less than Mr. Trump, compared to $2,650 less than Biden. So, almost twice.
This is one of the reasons why Mr. Trump was able to assemble a coalition of workers, which includes all races and ethnicities. Remember, median income means that of all incomes, this number is in the middle of the population, and these Census numbers are adjusted for inflation.
The key takeaway here is how badly these parties have done under Biden-Harris, which I call the unaffordability problem. Therefore, income growth under Biden-Harris has been low, moreover, the increase in the cost of living has been very high, outpacing income gains.
That’s why people are worse off under Biden-Harris and better off under Mr. That’s why Mr. Trump has a big lead when it comes to the economy.
No amount of Jay Powell’s election year interest rates will change this. The record of Mr. Trump is deeply rooted in the minds of voters.
Powell, on the other hand, keeps telling people how great Biden-Harris is the economy it is – but, if so, why has he cut the top 50-bps rate, something that only happens in emergencies like 9/11 or COVID or a financial meltdown?
Or, maybe Powell admits how bad the Biden-Harris economy really is, with maybe even bigger job losses coming down the road, and much higher unemployment. Donald Trump has a better policy idea. Here’s what he said last night at his rally in Long Island, NY.
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PRESIDENT TRUMP: We will grow, grow, grow to start paying our bills. | And we will keep the US dollar as the world’s reserve currency. | We’re going to bring in lower taxes, lower regulations, lower energy costs, lower interest rates, lower inflation, so everyone can buy groceries, a car and a home — it’s so easy.
Now that’s a real plan for economic growth – not a bogus, politicized interest rate cut. That’s the wrap.
This article is adapted from Larry Kudlow’s opening remarks on Sept. 19, 2024, edition of “Kudlow.”
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