Trump's Top Economic Adviser Thinks You Can Buy a New Car for $1,000

Gary Cohn, President Donald Trump’s chief economic adviser, said during a White House press conference that a “typical” family with two children making $100,000 a year. can expect a tax cut of $1,000, which would allow them to either renovate their kitchen or buy a new car.

Some problems:

According to the U.S. Census Bureau, the median household income was $59,039 in 2016.

According to Kelly Blue Book, the average new car cost nearly $35,000 as of January 2017.

And Market Watch reports:

As for a kitchen renovation, $1,000 might get you a fridge, but not much else. While a smaller remodel — which includes painting, refacing cabinets, upgrading the sink and adding a tile backsplash — can be done for about $10,000 to $15,000, according to HomeAdvisor.com, the average American kitchen remodel costs $21,800.

  -RW