Despite the bleak picture of a destroyed middle class that presidential candidate Donald Trump has painted, the American middle-class family is doing pretty darn well. Compared to 2014, you might even say great.
In 2015, the median household earned $56,500, adjusted for inflation, according to the US Census Bureau (pdf). In real terms, that’s equal to a $2,800 rise compared with 2014’s median household income—growth of more than 5%.
That 5% jump is the biggest annual increase in real median household income in the time these data have been recorded, starting in 1968. Last year’s surge was the first statistically significant annual rise in median household income since 2007.
This is a huge deal, particularly this year. Every presidential election is largely a referendum on the economy, and the effectiveness of the incumbent party. Growth in GDP has been sluggish this year, so this upbeat report bodes well for Democrat Hillary Clinton’s prospects. …