WASHINGTON, DC — In this week's address, President Obama highlighted wage growth over the course of his presidency. Since 2012, real wages have grown about 20 times faster than they did for almost three decades between 1980 and 2007. Last year, typical household income rose by $2,800 – the single largest increase on record.
Across every race and age group in America, incomes rose and poverty rates fell; and 3.5 million people were lifted out of poverty – the largest one-year drop in the poverty rate since 1968. Thanks in part to states and communities that have raised the minimum wage, lower- and middle-income families saw the biggest boost in incomes.
Although we've made significant progress, the President said more work needs to be done to strengthen the middle class – and this starts with a Congress that will put politics aside and act on commonsense ideas.