The hardworking men and women that comprise America’s middle class had their highest earnings ever recorded last year, the United States Census Bureau reported on Tuesday; a critical figure suggesting the US economy was back on track following years of tepid growth.
According to the Washington Post, median household income for average American families was $59,039 last year, beating the previous record of $58,655 back in 1999. The figures are adjusted to account for inflation, and show an American economy roaring back to life.
Additionally, the United States poverty rate fell to 12.7%, the lowest levels seen since 2007, just months before the fiscal crisis devastated the American economy.
President Trump campaigned largely on bolstering the middle class, whom he said were often neglected and haven’t seen real wage increases since the early 2000s. Since taking office, Trump has slashed burdensome regulations that economists believe unnecessarily hindered the job market.
Speaking last month, the President turned his sights to tax reform, saying this was a “once in a generation” opportunity to provide tax relief to the hardworking American families.
“We’re here today to launch our plans to bring back Main Street by reducing the crumbling burden on our companies and on our workers,” Trump told a crowd in Missouri. “The foundation of our job creation agenda is to fundamentally reform our tax code for the first time in more than 30 years.”