What? Quick Facts:

• In July 2016, Initial unemployment claims hit their lowest level since 1971.
• And back in 1971 there were less than half as many jobs with insurance.
• This record-tight labor market is why the middle-class income jumped 5.2% in 2015, and the bottom 10% got an 8% raise.
• Given the continued downtrend in layoffs, this is very likely happening again in 2016.

Starting almost immediately, Obama drove down the rate of layoffs to all-time lows. A low layoff rate means workers are scarce and so employers compete for them by raising wages. This is what led to the all-time record jump in median incomes in 2015.