In fact, 2019 was actually an historic year for ALL Americans living standards. It was the best year for household economic gains in over 50 years!

The official poverty rate fell to an all-time record low of 10.5 percent in 2019. Over 4 million people were lifted out of poverty between 2018 and 2019 for a 1.3 percentage point decrease. This was the largest reduction in poverty in over 50 years. Minority groups led the way in poverty alleviation. Compared to the overall poverty rate reduction of 1.3 percentage points, black poverty fell by 2.0 percentage points, Hispanic poverty fell by 1.8 percentage points, and Asian poverty fell by 2.8 percentage points. The poverty rate fell to an all-time record low for every race and ethnic group in 2019. Notably, the black poverty rate fell below 20 percent for the first time in history. Income gains in 2019 were largest for minority groups. Real median income grew by 7.9 percent for black Americans, 7.1 percent for Hispanic Americans, and 10.6 percent for Asian Americans. These one-year increases were all record highs, and the new income levels reached in 2019 were all record highs as well.

The gains from 2019 are significant. Real median household income increased $4,400 to a record high of $68,700. This is an almost 7% increase from 2018; the largest one year increase on record.