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Wed Nov 13, 2019, 10:37 AM

Trump's Remarks at the Economic Club of New York - New York, NY


Remarks by President Trump at the Economic Club of New York | New York, NY

Issued on: November 12, 2019

New York Hilton Midtown
New York, New York

12:09 P.M. EST

The average median income under President Bush rose only $400 over an eight-year period. Under President Obama, it rose $975 over an eight-year period. And under my administration, it rose $5,000 over slightly more than just two and a half years. That’s a big difference. (Applause.)

And if you remember, President Obama was paying zero percent interest for a long period of time, while we’re paying a much higher rate of interest. But in addition to the $5,000, we have to add $2,200 for the tax cuts — average tax cuts — and $2,000 to $3,000 for regulatory and energy cuts. So that would be a total of almost $10,000 versus $400 and versus $975. So, that’s something.

So you have, over eight years, you have $400. Over eight years, you have $975. Over two and a half years — we’re almost up to three — but this was done and calculated only as of two and a half, and it’s only gone up since then — we’re at almost $10,000.


Ummm, no it did not:

Trump's shiny new talking point about income growth

Fact Checker • Analysis
Trump’s shiny new talking point about income growth

By Glenn Kessler
Oct. 28, 2019 at 3:00 a.m. EDT

“You know, a number just came out. I don’t know if you saw. Moody’s — respected. And it said that, under the Bush administration, for eight years, median household income went up $400. That’s over eight years. Okay? So, remember: $400, eight years. Under President Obama, median household income went up $975 over eight years. Over your favorite President — President Donald J. Trump — median household income, for two and a half years — so remember this: eight years, eight years, 400 bucks — 400 bucks. You don’t even — that gets wiped out by inflation. Four hundred dollars. Nine hundred and seventy-five dollars. In two and a half years, our number is $5,000, plus $2,000 for the tax cuts. Seven thousand dollars.”

— President Trump, remarks at Shale Insight Conference in Pittsburgh, Oct. 23, 2019

“Median household income under eight years of Obama was up $975. That’s eight years. Under eight years of President Bush — we had President Obama, $975. President Bush, $400. Eight years, eight years, $400, $975. Me, two and a half years, it’s up $7,000. $5,000 plus $2,000 for the tax cut that everybody got.”

— Trump, interview with Sean Hannity of Fox News, Oct. 21

The president has a shiny new talking point, courtesy of some opinion articles by Stephen Moore, a former campaign economic adviser whom he briefly nominated for a seat on the Federal Reserve Board. Moore argued that the median household income gain under Bush was a little over $400 and under Obama about $1,000, compared with $5,000 under Trump. He also added in the supposed tax cut savings.

But as regular readers know, The Fact Checker frowns on slicing and dicing economic data by presidential terms. Despite how much presidents like to brag about a successful economy under their watch, the nation’s economy is derived from many factors that do not involve presidential decisions — and are far beyond a president’s control.

In this case, the time periods are especially misleading. (Note: Contrary to what Trump says, Moore works for the Heritage Foundation, not Moody’s, and the numbers are already adjusted for inflation, so the president can’t say the gain under Bush would be “wiped out by inflation.”)

The Facts


The Pinocchio Test

Trump may have reason to crow about the trends in the growth of household median income, but his framing is misleading, especially when he compares himself with Obama. In general, the gains documented are mostly a continuation of a trend started under Obama. Trump earns Two Pinocchios.

Two Pinocchios

Here are more links:

November 12: Trump sure is passing out those wage increases!! He just added $3,000!!.........

October 23: Trump's claim he boosted incomes by $7,000 differs from actual data

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