The new Census Bureau data on income and poverty reveal that many of the
economic trends in this country are a lot more favorable than America's
detractors seems to think. In 2007, overall real median family income
increased to $50,233, up $600 from 2006. The real median income for
intact families -- mother and father in the home -- rose to $78,000, an
all-time high.
Although incomes fell sharply in the U.S. after the dot-com bubble burst
in 2000 (and still haven't fully recovered), these latest statistics
reflect a 25-year trend of upward economic mobility. More important,
Barack Obama is wrong when he states on his campaign Web site that the
economic policies started by Ronald Reagan have rewarded "wealth not
work." Based on this false claim -- that the rich have benefited by
economic growth while others have not -- he intends to raise tax rates
on high-income individuals.
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