Everyone Is Celebrating Historic Levels Of Income Growth, From Economists To The President

More and more people are being lifted out of poverty.

President Barack Obama went live on Facebook Tuesday to announce a piece of positive news that should have everyone smiling.

In the newest U.S. Census Bureau report, given annually each year, more Americans of every racial demographic are making more money. 3.5 million people — or 1.2 percent of Americans — were lifted out of poverty, the largest percentage point drop since 1999. 

But the news Obama came on Facebook to celebrate, accompanied by a simple chart, was that real median household incomes rose 5.2 percent from $53,718 in 2014 to $56,516 last year.

Obama wasn't the only one feeling the good news, either. Economists on Twitter reacted to the news with an overwhelming sense of optimism and relief that after years of stabilizing in the wake of the recession, it appears economic growth is finally accelerating.

As Obama remarked in his video, there is still work to be done. Though growth was seen across every race, age and gender, it did favor those living in metropolitan areas. The New York Times' Nate Cohn noted that rural Americans did not experience the same growth. In fact, median income for those in rural America dropped two percent.  

While Obama also touted the shrinking pay gap between men and women, it only went from 79 cents on the dollar to 80 cents on the dollar. 

Still, for just about everyone, this economic report is historically good. And after years of being criticized for a slow recovery, President Obama can leave The White House on the heels of some great economic news.