It’s an article of liberal faith: Thanks to President Donald Trump’s $1.5 trillion Tax Cuts and Jobs Act, the 'Prosecco' is popping on Wall Street, while the unsold Pepsi gathers dust on Main Street, where Americans are too poor to buy soft drinks.
“Workers are delivering more, and they’re getting a lot less,” former vice president Joe Biden told the Brookings Institution last summer. “There’s no correlation now between productivity and wages.”
Americans “are sick and tired of the income and wealth inequality that sees the rich getting much richer,” Senator Bernie Sanders (I., Vt.) told CapitalAndMain.com last month.
“Wages have largely stagnated,” the campaign website of Senator Elizabeth Warren (D., Mass.) complains, while “fundamental changes in our economy have left millions of working families hanging on by their fingernails.”
These grim, lachrymose myths cannot mask this incredibly upbeat fact: The sparkling wine is flowing on Wall and Main streets, and it’s running more rapidly on Main, where take-home pay is expanding the most among those with the least.
Never mind the liberal lies. Hard data reveal this reality. The Atlanta Federal Reserve Bank’s monthly Wage Growth Tracker shows that Americans are making more money, particularly those who have been forgotten for decades.
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4 comments:
You have to be kidding me. NUMEROUS studies have shown that the ultra rich and rich have benefitted most from the "tax reforms". This study shows exactly what they want you to think: you're fine, take these extra crumbs while I get more of the entire pie.
Im thinking because we're here on the shore and might be last to feel such benefit. Then again its MD, some of the highest taxes, their taking away what might be some relief. But heck, keep on voting for the dems and rinos so we can continue to hear about some getting to keep alittle change.
May your chains be light.
I'm afraid this Main St. resident has not seen expanding take-home pay. Due to these tax "cuts" I'm taking home less - because I have had to increase the amount of taxes coming out of my gross salary to avoid having a tax bill at the end of the year... so yeah - the devil is in the details and it's quite literally all about perspective.
9:24 the wealthiest 20% saw post-tax income increase by 2.9% while the middle class saw only a 1.6% increase. Also worth mentioning is that the wealthiest 20% are unlikely to spend this extra revenue like the middle and lower class would. The pie is a simple but good analogy.
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