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(NationalSentinel) If you want to know another reason why the Democrat Left is desperately trying to paint POTUS Donald Trump and Republicans in general as blatant racists and bigots, the answer lies in data released by the Labor Department this week.
According to the Bureau of Economic Analysis (BEA), ‘the 99 percent’ have gotten wage increases since the president took office in January 2017 and Republicans passed a massive tax reform bill 11 months later.
Thanks - Economy - Jobs - Growth - Labor
Not only that but thanks to a vibrate economy and substantial jobs growth that led to what many believe is a fully-employed labor force, Americans are receiving less taxpayer-supported government assistance.
The Wall Street Journal editorial board reported Wednesday on revised data from BEA that show healthy job growth, employment, and — most importantly — wage growth:
Revisions - Employee - Compensation - % - %
The revisions show that employee compensation rose 4.5% in 2017 and 5% in 2018—some $4.4 billion and $87.1 billion more than previously reported. The trend has continued into 2019, with compensation increasing $378 billion or 3.4% in the first six months alone. Wages and salaries were revised upward to 5.3% from 3.6% in May year over year. And in June wages and salaries grew at an annual rate of 5.5%, which is a rocking 4.1% after adjusting for inflation.
This is far more than the 3.1% year over year increase in average hourly earnings that the Labor Department’s jobs report showed for June. One reason for the disparity may be that employers are hiring millions of younger, lower-income workers, which may be depressing average hourly earnings as older, more highly paid workers retire.
BEA - Income - % - Receipts - %
The BEA also revised overall personal income up by 1.7% for 2017 and 2018 and transfer receipts down 0.7%. In sum, Americans are earning more and relying less on government. Personal savings estimates were also increased by $217 billion for the...
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