US witnessed a record-setting economy in 2019. Here's what it may mean for voters in 2020
Before coronavirus hit, the economy under Trump was the strongest in decades
Serve America PAC Executive Director Marie Harf provides insight into presidential debates ahead of the November election and the development of a coronavirus vaccine.
Voters in key swing states say the economy is their top issue and just this past week they received some historic news that should tip their decisions. It turns out that 2019 was a record-breaking year for the U.S. economy. Median income hit its highest level ever, and the poverty rate dropped to a 60-year low.
It’s clear evidence that the pre-coronavirus economy under President Trump was the strongest in decades. And it bolsters the president’s case with voters that he is best positioned to lead America’s economic comeback.
Not only did incomes hit record highs and the poverty rate approach a record low, but the gains were felt across the board. Hispanics, Blacks, Asians, and women all saw their incomes rise at a faster rate than the national average. And Black and Hispanic poverty rates hit their lowest levels on record.
The results are no accident. The president’s focus on reducing taxes and clearing out regulations for businesses revived America’s labor market, spurring a record number of open positions as employers raised wages to compete for workers.
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It’s a stark contrast to the Obama-Biden years, when extensive unemployment benefits and new regulation (think ObamaCare) restrained economic growth and hiring, producing meager wage gains and a frustratingly slow comeback in jobs.
As the Biden camp works hard to dismiss the strength of the pre-pandemic economy, President Trump is smart to put the real evidence front and center.
Nevertheless, as Democratic presidential nominee Joe Biden makes his case for leading America’s pandemic recovery, he’s reverting back to the very same playbook—and even doubling down.
He’s promised nearly $4 trillion in higher taxes, and twice that amount or more in new spending. And his version of a Green New Deal will accelerate the creation of new and costly regulation, tying up America’s energy producers and ratcheting up energy bills for businesses and households.
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Now, as polls show the race tightening in battleground states, some of Biden’s allies are backing off their support for higher taxes. But don’t expect voters to believe it.
Biden hasn’t hesitated to move left to win over Sanders voters, and he has been vocal about it, promising that raising taxes will be a “day one” priority.
Biden’s allies may want to downplay all the tax hike talk, but President Trump won’t let swing state voters forget it. His campaign just launched a massive new ad buy to make sure the economy, and the policy differences between the candidates, is a “defining issue.”
As the Biden camp works hard to dismiss the strength of the pre-pandemic economy, President Trump is smart to put the real evidence front and center.
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The better than expected comeback in jobs and spending over the past four months is an unmistakable sign that the economic momentum we carried into 2020 is still very much alive. Which means the question facing voters is this: which candidate has the right plan to build on and accelerate that momentum?
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Carried along by the left-wing of his party, Biden claims that trillions in new government spending, higher taxes, and loads of new regulation will create jobs and raise incomes. But his track record with the Obama administration paints a different picture, and even his supporters are having their doubts.
Biden’s irreversible leftward lurch is President Trump’s opportunity. Swing state voters looking for leadership on the economy are persuaded by results, not radical rhetoric.
The latest news of record high incomes and falling poverty rates in 2019 adds to the president’s case that he’s presided over historic economic gains once, and he can do it again.
Brian Brenberg is a professor of Business and Economics at The King’s College in Manhattan. Follow him on Twitter: @BrianBrenberg
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