Will blacks and Hispanics vote their pocketbooks? Trump should hope so!
In the one debate between Donald Trump and Kamala Harris, the vice president attacked Trump for having a racist record, citing his statements in response to the protests In Charlottesville back in 2017.
My intention here is not to defend Trump on some of the things he says about race – which can be interpreted by some as offensive.
I’m here to look at whether Trump or Harris-Biden have a better actual record – not better rhetoric – in advancing the economic opportunities and advancement of Blacks and other minorities.
In my just-published book, “The Trump Economic Miracle,” coauthored with Arthur Laffer, we point out the many achievements in Trump’s first term, such as right-to-try legislation for chronically sick Americans who want to try new potentially lifesaving treatments, achieving energy independence, the economic boom, and advancing peace around the world.
But arguably his most impressive accomplishment was lifting the living standards of minority Americans.
Under Barack Obama and Joe Biden, minorities made almost no progress and in several ways fell behind. Under Trump the financial and economic improvement was remarkable. Blacks saw almost twice the gains under Trump, while Asians and Hispanics saw five times the income gains. Blacks and Hispanics saw a $5,000 average gain in income under Trump.
The main reason for the far superior increase in the standard of living for minorities is that cumulative inflation was so much lower under Trump (8%) than under Biden (20%). Minorities get crushed by higher gas, grocery and housing prices.
But Trump’s record with minorities on income was also superior to that of Obama on an annualized basis. Remember, Obama was president for eight years versus four years (so far) for Trump.
But there is more. Under Trump, Blacks and Hispanics saw record reductions in poverty.
Trump’s policies were also better for Blacks and Hispanics than under America’s first Black president – Obama.
The unemployment rate for Blacks and Hispanics also hit record lows under Trump – although the rate has fallen this year under Biden. Homeownership for Blacks and Hispanics also hit an all-time high under Trump, and the rate today still remains below the Trump high-water mark.
It turns out that Trump tax cuts, energy policies and deregulation initiatives benefit not just the rich but people of all incomes and all ethnicities. For example, the average family saw roughly $10,000 of savings from Trump deregulation but saw a more than $40,000 cost (on a lifetime basis) under Biden’s reregulation policies.
One last point that Trump should emphasize: The most important civil rights issue of our time to improve the lifetime economic opportunities for Black and Hispanic children – especially those in inner cities – is school choice so that parents can send their kids to better schools. Trump is strongly in favor of this. Biden and Harris are strongly opposed – mostly because they care about teacher unions over minority children.
So if racism is about holding back economic progress of minorities, then the media has the narrative all wrong. Polls are showing that Trump is picking up ground with Black and Hispanic voters. But some 80% of Blacks are still saying they will vote for Harris.
If they vote their wallets and who’s best for their children’s financial future, they still may change their minds.