One of the best measures of economic growth is Median Household Income. This is simply a snapshot of the real wages or salaries earned by households in the middle of the wage distribution scale from the poorest to the wealthiest families. When the dot-com bubble burst in 1999 and the stock market crumbled, America's economy went into a deep recession. Median Household Income dropped significantly until 2003 when President George Bush cut taxes on capital income from investments and on marginal income-tax rates. The result? Median Household Income rose until the 2008 -2009 recession.
Enter a new president, Barack Obama. Rather than take a page out of Bush's playbook and reduce taxes, Obama chose income redistribution, more food stamps, "free" health care, more government spending and more taxes on the "fat cat" rich. The result? Incomes did not rebound with the 2010 - 2014 recovery as they had in every other recovery since the Great depression. Today, the Median Household Income is 8% less than it was in 2007, under the Bush reforms. ($51,900 compared to $56,500)
Another curious irony under President Obama's monetary policy was that Quantitative Easing (QE) - pumping billions of new dollars into the economy - only raised stock market and real estate prices, most often owned by wealthier Americans. The poor, people on fixed income and much of the middle class who relied on interest income on their savings - got no benefit.
The real road to equality is economic growth not social engineering. As John F. Kennedy said: "A rising tide will lift all boats".
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