Contrary to Democrat Talking Point, The Economy is Working for Everyone

With the unemployment rate at its lowest level in 50 years and wages growing at their fastest pace in a decade, even Democrats cannot deny that the economy is booming. But in an attempt to downplay President Trump's economic success, they are claiming that these economic gains are merely going to the rich.

House Speaker Nancy Pelosi said last week that "the evidence shows that most of the economic gains continue to benefit those already well-off." House Majority Leader Steny Hoyer claimed, "wages aren’t growing fast enough to allow millions of workers to keep pace and feel that real economic security is within reach." And Sen. Cory Booker broadly asserted that "Americans are struggling."CARTOONS | Steve Kelley
View CartoonThis Democratic characterization of Trump's economy is not new. Earlier this year, Kamala Harris said, "The economy is not working for working people.” Senate Minority Leader Chuck Schumer complained that “the state of the Trump economy is failing America’s middle class.” And for Sen. Elizabeth Warren, the economy is perpetually "rigged" -- whatever that means.

This diversion tactic fails on its merits. Start with unemployment rates, which are at or near record lows for Hispanic, black, female, and young workers. The unemployment rate for Americans without a high-school education, supposedly a group that's been shafted in today's economy, is hovering near a record low. The rate for those with disabilities has fallen by more than 20 percent over the last year to a mere 6.3 percent -- the lowest level on record.

Then look at wages. While average wages have been growing at about 3.2 percent for several months now, they've been increasing even faster for middle-class production and nonsupervisory workers. Last year, wage growth was 6.5 percent for the 10th percentile of workers with the lowest incomes -- about double the overall average. Contrast this wage growth to the paltry 2 percent average under President Obama.