New information released by the U.S. Census Bureau shows that economic conditions for the average American have gotten substantially worse since Joe Biden took office.
As reported by Just The News, the facts about the current state of the economy directly contradict the Biden Administration’s efforts to claim that so-called “Bidenomics” are making Americans more prosperous. The official poverty rate remained unchanged at around 11.5% from 2021 to 2022, while the Supplemental Poverty Measure (SPM) increased by 4.6% in 2022, reaching 12.4% overall; this was the first increase in the SPM since 2010.
Overall, at least 37.9 million Americans were living in poverty in 2022, with the report attributing these conditions to the expiration of pandemic-era tax credit cards and stimulus payments.
At the same time, the average income dropped across all major metrics. Real median household income fell from $76,330 to $74,580, a drop of 2.3%, while real median earnings for all American workers fell by 2.2%. Full-time year-round workers saw a slightly smaller decrease of about 1.3%. In August, the overall unemployment rate rose from 3.5% to 3.8%.
Meanwhile, inflation skyrocketed by 7.8% from 2021 to 2022, thus marking the largest rise in cost of living in a single year since 1981. After a consistent decline in inflation throughout 2023, inflation rose slightly in the month of August, marking the first increase of the year.
Despite efforts by the Biden Administration and the mainstream media to paint a rosy picture of the economy, a vast majority of Americans disapprove of his handling of economic affairs. In the current RealClearPolitics polling average, 58.9% disapprove of Biden’s handling of the economy, against just 37.8% who approve.