One author who has been quick to note the income gains for blacks and Hispanics is Manhattan Institute Senior Fellow Jason L. Riley. In his fact-filled and beautifully written book 2022, black boomRiley, shows that income for every demographic and every part of the income distribution increased in Trump’s first three years.

My independent check of the data shows that Riley is correct. Each year the U.S. Census releases comprehensive survey data on the incomes of various ethnic groups. Its latest report shows that between 2017 and 2019, the median income for black households rose from $40,594 to $46,073, a 13.5 percent increase in just two years. Adjusted for inflation, growth was a respectable 8.8 percent. For Hispanic households, median income rose from $61,372 in 2017 to $68,703 in 2019, an 11.3 percent increase; Adjusted inflation was 7.3 percent.

How does that compare to the progress of white families in those same two years? Their median income rose to $72,204 from $65,273 in 2017, a 10.6 percent increase. Adjusted for inflation, their average income rose 6.1 percent.

Notice something interesting: Black and Hispanic household incomes have increased by a much higher percentage than white household incomes.

This is David R. Henderson, from “The Roots of Black Economic Progress.” Defined conceptsJuly 28, 2022.

Another quote:

On February 10, 2017, less than a month into Trump’s presidency, Joe Kernen and Becky Quick interviewed me on CNBC. The squawk box About the economy under the Trump administration. My fellow interviewer, Pimco’s Tony Crescenzi, was pessimistic about future growth rates. He argued that the labor force would grow by less than 1 percent and productivity by less than 1 percent, resulting in overall economic growth of less than 2 percent annually. While I gave her arithmetic, I challenged her data. Productivity growth forecasts, as I noted, are necessarily forward-looking. I asked, “What if we get all kinds of deregulation that frees things up and you get more productivity?”

Read the whole thing.

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