Based on a Census Bureau report released last Tuesday, the current debate over economic policy might come down to a question of numbers. Which would you prefer: A $1,200 “stimulus” check while not working during lockdowns, or a nearly $4,400 pay increase in a growing job?
The Census report, which chronicled changes in income and poverty in 2019, documented the state of the economy well before the coronavirus hit. But the amazing strength of the data in that report shows what the American economy, and American workers, can achieve—if given the right policy environment and opportunities.
The headline number from the Census report sounds so large as to be a misprint: Real median income for American households increased 6.8 percent in 2019—a jump of almost $4,400. Think about it for a moment: How many businesses offer 6.8 percent annual raises to all their workers?
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