Middle Class Income
How much has inflation-adjusted median household cash income grown in the first two years of Joe Biden's presidency?
Inflation-adjusted median household cash income, a primary measure of middle class finances, fell by 2.7% in the first two years of Joe Biden's presidency from 2021 to 2022. This occurred even though the U.S. and most of the world experienced a boom in economic growth due to the end of Covid lockdowns. In contrast, inflation-adjusted median household cash income grew by 10.5% in the pre-Covid years of Trump's presidency from 2017 to 2019. Correlation does not prove causation, and there are many factors besides presidents that impact economies, so neither Biden nor Trump can objectively take credit or blame for any of this. However, these facts give no credence to Biden's claim that "Bidenomics" helps the "middle class" and "MAGAnomics" hurts them.