The poverty rate in the United States increased for the first time in over a decade in 2022, according to new data from the Census Bureau. The poverty rate rose from 7.8% in 2021 to 12.4% in 2022, an increase of 4.6 percentage points.
That news comes as the Census also reported that the U.S. real median household income decreased by 2.3% to $74,580 in 2022. Meanwhile, year-over-year inflation rose 7.8%, per Fox Business.
Biden’s administration still claims that his policies are working and that his spending plans have sparked the American economy. But, prices have increased more than 17% since he took office.
In a statement by Job Creators Network President and CEO Alfredo Ortiz said, “This accelerating inflation, which is nearly twice the Federal Reserve’s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years.”
Biden tried to sell his economic agenda as “BABA”— Building a Better America. BABA sounds similar to former President Donald Trump’s MAGA — Make America Great Again. But it just didn’t click with America, so he has switched to “Bidenomics.”
Still not working…
The Consumer Price Index rose by 8.3% in August 2023, the highest rate of inflation in over 40 years.
In addition, inflation has been rising sharply in recent months, which has eroded the purchasing power of low-income households. The Consumer Price Index rose by 8.3% in August 2023, the highest rate of inflation in over 40 years.
The increase in poverty is a major setback for the Biden administration, which has made reducing poverty a top priority. In his first State of the Union address, Biden set a goal of cutting child poverty in half by the end of his term. However, the expiration of pandemic-era relief programs and rising inflation have made it more difficult to achieve this goal.
The increase in poverty is also a major concern for economists and social policy experts. Poverty has a number of negative consequences, including increased crime, health problems, and educational disparities. Children who grow up in poverty are more likely to drop out of school, experience unemployment, and commit crimes as adults.
The poverty rate in the U.S. increased last year, the first increase in 13 years, according to the Census Bureau. https://t.co/6qXuLl3Nlz
— ABC News (@ABC) September 18, 2023