US Household Incomes Have Fallen Precipitously Under Biden

The U.S. Census Bureau revealed Tuesday that American household incomes have dropped for a third consecutive year amid decades-high inflation and dwindling purchasing power.

The bureau’s new report, “Income in the United States: 2022,” indicated that real median household income after taxes fell 8.8% over the first two years that President Joe Biden was in office, while Democrats still controlled Congress.

During the same period, the poverty rate after taxes skyrocketed from 7.8% to 12.4%, and a significant number of Americans slid into the lowest quintile of earners. Over 37.9 million souls are presently living in poverty.

“We saw big increases in poverty across every sociodemographic group,” Luke Shaefer, a public policy professor at the University of Michigan, told Marketplace. “The biggest was among children. We saw child poverty more than double.” (Read more from “US Household Incomes Have Fallen Precipitously Under Biden” HERE)

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