Official statistics showed that despite strong job numbers, Americans’ real median after-tax income decreased by 8.8% in 2022. Additionally, the number of people living in poverty has increased.
The United States Census Bureau released numbers on Tuesday, September 12. That are very poor for Democratic President Joe Biden with one year. Till the presidential election: In 2022, the average American’s pre-tax income dropped by 2.3% to $74,580 (€69,301). The reduction was 4.7% when compared to 2019. The final “normal” year of Donald Trump’s administration and a historical high. The Covid-19 epidemic, fiscal and monetary assistance measures, and rising. Nominal earnings are what are causing inflation in the United States. Notwithstanding a rise in nominal wages. Prices in the US have increased by 17%. Since Biden assumed office in January 2021. “US Incomes Fall for Third Straight Year,” the Wall Street Journal headlined.
If we consider income after taxes and tax credits, the figure is considerably more dire because Covid tax subsidies have vanished. According to the Census Bureau, this area’s median income decreased by 8.8% in 2022, falling to $64,240. The Covid subsidies, which were implemented by both Trump and Biden, had a windfall impact and temporarily skyrocketed American savings rates.
Second, the poverty rate skyrocketed from 7.8% to 12.4% after transfers and adjusting for the cost of living in the various regions of the nation. The number of Americans living in poverty has increased from 25.6 million to 40.9 million, with children being particularly hard hit as the rate increased from 5.2% to 12.4%. Since this number is larger than the 38.3 million in 2019, it is painful to compare it to the Trump administration. The expiration of the emergency support programs put in place during the epidemic, as well as the steep increase in living expenses, are both contributing to the resurgence of poverty. hopefully american will be back in his glory and all of the people america will be have some good life