This article originally appeared on Real Clear Politics on November 25, 2020.
As the coronavirus virus spreads, the economic damage from state lockdowns intensifies. Yet the good – if not incredible – news is that we are on the cusp of approval for one or more highly effective vaccines. Once that vaccine is effectively distributed, job one for the next presidential administration will be getting America back to work. The measure of that effort’s success will be how closely it can approximate the conditions of 2019, which should be remembered as “the year of the worker.”
Keep in mind that the benefits America experienced in 2019 were not the result of government efforts to mandate economic equality so that, as Vice President-elect Kamala Harris recently stated, “everybody’s starting out at the same place.” Rather, it was President Trump’s economic policies of low taxes, reduced regulation, and a focus on domestic energy production that produced those historic results.
To quote an old Sinatra tune, “It was a very good year.”
Median family income increased by a record 6.8% to a new high of $68,700. For some perspective, that represented 45% more growth in one year ($4,379) than the Obama/Biden administration produced in its entire eight years in office ($3,021).
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