Income dropped, poverty soared under Biden: Census Bureau
Inflation soared 7.8% from 2021 to 2022, marking the largest single-year increase in cost of living since 1981
Ben Whedon
September 12, 2023 3:47pm
Updated: September 12, 2023 3:47pm
Despite the Biden administration's efforts to tout the alleged successes of "Bidenomics," a report from the United States Census Bureau has revealed that many Americans saw their economic situation deteriorate dramatically in the first half of Biden's term.
While the official poverty rate hovered around 11.5% in both 2021 and 2022, according to the report, the Supplemental Poverty Measure (SPM) increased 4.6% in 2022 to reach 12.4%, marking the first overall increase in that metric since 2010. In total, 37.9 million Americans lived in poverty in 2022. The report partially attributed the increase to the expiration of tax credits credits and pandemic stimulus payments.
Income, meanwhile, dropped across an array of metrics. Real median household income declined by 2.3% from $76,330 to $74,580, while real median earnings of all workers dropped 2.2%. The drop was less severe among full-time, year-round workers, who saw a 1.3% decline. Inflation soared 7.8% from 2021 to 2022, marking the largest single-year increase in cost of living since 1981.
The Census Bureau statement follows some other bad economic news for the president. The unemployment rate in August rose from 3.5% to 3.8% while inflation ticked up to 3.2%, marking the first increase after a consistent, year-long decline.
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https://justthenews.com/nation/economy/income-dropped-poverty-soared-under-biden-census-bureau
