Bidenomics Broke America: Real Household Income Suffers Biggest Drop In 12 YearsJohn Carney 12 Sep 2023
The official tally is in and it is brutal: Americans suffered the biggest drop in household income in 2022 in a dozen years.
Real median household income was $74,580 in 2022, a drop of 2.3 percent from the prior year, the Census Bureau said Tuesday.
This is the biggest drop in household income since 2010, when it household income fell 2.6 percent. That means it is worse than the pandemic decline of 2.2 percent. It is the fourth worst year in records going back to 1985.
The declines were driven by high inflation. The measure of inflation that is used to calculate real income rose 7.8 percent, the worst inflation since 1981.
The real median earnings of all workers—including part-time and full-time workers—declined 2.2 percent between 2021 and 2022. Median earnings of those who worked full-time, year-round fell 1.3 percent in 2022.
The figures are even worse once taxes are figured into the equation. Real median post-tax household income in 2022 fell 8.8 percent in 2022.
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https://www.breitbart.com/economy/2023/09/12/bidenomics-broke-america-real-household-income-suffers-biggest-drop-in-12-years/
