Richmond Fed data on declining real incomes shows why Donald Trump won the election
You'll never guess the part of the Richmond district where incomes rose
The Richmond Fed is out with a paper on how middle-income households fared from 2010 to 2015. The focus on the middle quintile of households.
The results are dismal. Annually, household real median income fell at an average 1.2% pace in those five years. That means that after adjusting for inflation, households earned nearly 6% less in that period. Nationally, real household income fell 4.3%, or down to $54,286 from $56,696 in 2015 dollars.
There was one exception -- the District of Columbia -- where incomes rose an average of 2.1% per year above inflation.
So while politicians have touted more jobs, the reality is falling wages -- unless you're in Washington.