After months of gaslighting about the economy, the corporate media is finally reporting the data regarding the rise in poverty in the U.S. under Biden. The poverty rate rose from 7.8% in 2021 to 12.4% in 2022 which is the largest annual increase in poverty in U.S. history. The poverty rate in the United States increased from 7.8% in 2021 to 12.4% in 2022. This was the largest one-year increase on record. The increase was driven by the expiration of pandemic-era programs, including increased child tax credit payments. The increase also coincided with falling wages and rising inflation. Prices soared last month as the inflation crisis gained steam.
WASHINGTON, Sept 12 (Reuters) – Inflation-adjusted income fell and a key poverty measure rose sharply last year as the U.S. economy continued its rocky emergence from a once-in-a-century pandemic, the U.S. Census Bureau reported on Tuesday.
The poverty rate is measured by comparing a person’s or family’s income to a set poverty threshold. People whose income falls under their threshold are considered poor. The U.S. Census Bureau is the government agency in charge of measuring poverty.
The poverty rate among children more than doubled, from a record low of 5.2% in 2021 to 12.4% in 2022. The supplemental poverty rate for 18- to 64-year-olds also increased.
Family incomes, meanwhile, largely failed to keep up with a 7.8% jump in consumer prices that was the largest since 1981.
Real median household income fell by 2.3% to $76,330, which Census officials said was about 4.7% below 2019.
The data cast into sharp focus issues likely to be at the front of voters’ minds when they cast votes in the November 2024 elections, when U.S. President Joe Biden is seeking a second term.
Prices soared last month as the inflation crisis that began under President Biden has again begun to worsen, according to a new report from the Bureau of Labor Statistics.
Prices “rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July,” the report said. “Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment.” This is a massive increase from the 3.2 percent annual rate from last month.
Largely driving the increase was rising gas prices, which are more than 50% higher than when Biden took office. Despite this, the president has continued his attack on fossil fuels. Just last week, Biden announced that his administration would be canceling oil and gas leases in Alaska.
Biden responded to the news of rising inflation levels being driven by increased oil prices by claiming that he “remain[s] laser-focused on cutting energy costs, including by investing in clean energy to bolster our energy security.”
He also falsely claimed in his response that core inflation, which excludes food and energy prices, is “trending down.” Notably, core inflation is not trending down – it rose more quickly last month than it did the month before and has risen 4.3% over the last year.