By nearly every measure today, we are living in a magnificent time for the American economy. There is a booming stock market fueling trillions of dollars of wealth gains, record low unemployment, 3 percent to 5 percent wage gains, and seven million unfilled jobs. So the recent headline for a CBS report seemed to strain all credulity when it declared, “Two years after Trump tax cuts, middle class Americans are falling behind.” Huh?
This might be the most dishonest news story headline of recent times. As the author of columns that ran a few weeks ago in the Wall Street Journal and on these pages which clearly documented that the median household income, meaning the middle class, has gained about $5,000 of income in just three years, I knew this headline was fatuous. The undeniable success story of the American economy is the surge in middle class incomes since President Trump took office and his tax cuts took effect, with middle class incomes increasing at least five times faster than under President Obama.
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