Many economists and politicians in the United States say that they are worried that some Americans have not benefited from the economic expansion that has been ongoing in the country since the 2009 recession. However, according to a report by the Census Bureau, there is a bigger picture to the situation. The report suggested that there is a bigger picture when it comes to the recovery process as the wealth is being distributed broadly. The Bureau noted that there was strong income growth in 2016. At the same time, there were gains that were spread throughout the economic spectrum. For instance, the study revealed that the median household income recorded an increase of 3.2 percent to $59,039. The economists reached on this figure after putting into consideration the effects of inflation. According to the report, the number of Americans living below the poverty line decreased while the number of Americans accessing health insurance was on the rise. This latest data only serves to worsen the confrontation between the Republicans and Democrats. While the Republicans may argue that they have implemented measures that have transformed the economy, their counterparts the Democrats are likely to argue that further changes by the administration such as tax code reform will mess with the current success.
If we can remember, President Trump promised Americans that he would lift America’s fortune and at the same time repair the American carnage as he called it. During his reign as the president, Donald Trump has requested the Congress to cut government spending in some areas. At the same time, he has requested the Congress to work on a new tax code. In his own words, the president said that the current tax system is becoming a barrier to economic development in America. Some Democrats have backed the statistics by Census Bureau saying that they have proved to them why they should resist the tax reform. A Democrat from Kentucky known as John Yarmuth says that they should focus on the eight-year program to the end. Instead, the current proposal by the president is an effort to abandon the existing plans. For this reason, he said that he would not be supporting the tax code overhaul. As for the Federal Reserve, they are closely watching the turn of events as they deliberate on hiking the interest rate in the country. 2.2 million jobs were added to the American market last year. At the moment, 2017 has seen an addition of 1.4 million jobs.