In a Fox News town hall, GOP presidential candidate Tim Scott said, “Median income in this country is … $35,000 a year. Because of Joe Biden's inflation, the average monthly expenses have increased by $500, almost.” Both numbers are misleading.
During the June 21 event, Scott said,"Median income in this country is … $35,000 a year. Because of Joe Biden's inflation, the average monthly expenses have increased by $500, almost."‘Median income in this country is … $35,000 a year’
This produced a significantly larger figure for 2021: $70,784. That’s twice as high as what Scott said. Some economists say household income is a better metric. Most Americans, they argue, operate economically as a household unit by pooling their incomes and expenses. The figure Scott used"makes sense if you’re trying to get a handle on someone’s earning power," he said."Household income is better if you’re looking at standard of living."Says that under his presidency, the unemployment rate has “been below 4% for the longest stretch in 50 years in American history.”So, if Scott is trying to argue that the economy under Biden has harmed Americans’ ability to make a living, he used the right figure, Holtz-Eakin said.
, the amount would be $58,954; that’s the amount more people would recognize from their income inflows.Economists generally give Biden some of the blame for the recent high inflation, but not all of it. The American Rescue Plan, a coronavirus relief bill, he signed in 2021 pumped money into Americans’ bank accounts, stimulating demand. But even without that government stimulus, supply shortages were already driving up prices.. Here are the key paragraphs:inflation jumped to 9.
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