Staff Reports
According to a recent report from the Census Bureau, household income in the United States saw its worst decline since 2010, dropping by 2.3 percent in 2022. This is the largest decrease in income since Barack Obama was president. However, when factoring in changes to taxes and subsidies, the decline in household income jumped to a staggering 8.8 percent. The Biden administration’s pandemic relief policies, such as child tax credits and the earned income tax credit, artificially boosted incomes but also contributed to skyrocketing inflation.
The report also revealed that real median earnings for all workers, including both part-time and full-time workers, declined by 2.2 percent, while earnings for those who worked full-time, year-round fell by 1.3 percent. These statistics paint a grim picture of the state of the economy under Joe Biden. It’s no wonder that Biden’s approval rating, particularly on economic matters, is plummeting.
Digging further into the details of the report, it becomes clear that families and the elderly have been hit the hardest. Family household income dropped by 2.9 percent, while non-family households saw a modest increase of 0.8 percent. Additionally, older Americans experienced a 2.1 percent decline in income, compared to a 1.4 percent decline for those under 65.
The Midwest was hit particularly hard, with a 4.7 percent decline in household income. The Northeast, where Biden had strong electoral support in 2020, saw a 3.8 percent decrease in income, while the West experienced a 3.2 percent decline. The South was least affected, with only a 0.1 percent decrease. These regional variations may have implications for swing state voters in the upcoming elections.
Ouch. "It's the economy, stupid." #BidenomicsFailure
Breitbart Business Digest: We Haven’t Had a Year This Bad Since Obama Was President https://t.co/lTr8IR0G5b
— Scott4Trump (@Scott_4Trump) September 12, 2023
Despite Biden’s rhetoric about rebuilding the economy from the bottom up, the reality is that poverty rates have remained largely unchanged. The official poverty rate sits at 11.5 percent, with 37.9 million people living in poverty. Interestingly, the “supplementary poverty measure,” which includes government handouts, showed a significant increase in child poverty. This suggests that Biden’s pandemic relief measures were simply masking the true extent of poverty in America.
Inflation is another major issue facing the Biden administration. Despite Biden’s promises to tackle inflation, the measure used by the Census Bureau to adjust for inflation rose to 7.8 percent, the largest increase since 1981. This has contributed to a sharp decline in real household income. The public’s disapproval of Biden’s handling of inflation is reflected in recent polling, with 63 percent expressing disapproval.
Looking ahead, the Labor Department is expected to release the August consumer price index (CPI), which is anticipated to show a rise in inflation. Energy prices have been a major driver of this increase. In light of these numbers, it is clear that Biden’s economic policies are failing to deliver on his promises and are causing real harm to American households. The American people deserve better than this.
