Bidenomics: Real wage decline leads to a surge in Americans living in poverty.
Report Shows Increase in Americans Living Below Poverty Level
A recent report released by the U.S. Census Bureau has revealed a concerning trend – the number of Americans living below the poverty level has risen for the first time in years.
According to USA Today, in 2022, 12.4 percent of the population lived at or below poverty level, a significant increase from the previous year’s 7.8 percent.
Furthermore, the New York Post reports that pay raises have failed to keep up with inflation, leading to a decline in median household income.
According to data from the Census Bureau, inflation-adjusted median household income fell by 2.3 percent from 2021 to 2022, dropping from $76,330 to $74,580. This decline represents a 4.7 percent decrease since 2019, the year before President Biden took office.
Today’s cover: In Biden’s war on poverty, poverty — especially for kids — is winning https://t.co/v2EZ31VAfo pic.twitter.com/yOnOrgPma1
— New York Post (@nypost) September 14, 2023
Biden’s Economic Plan Falls Short
Despite President Biden’s confident claims that his economic plan is working, evidence suggests otherwise. As reported by CNBC, Biden pointed to slower inflation as a sign of success. However, prices have continued to rise.
A report released by the Labor Department reveals that the Consumer Price Index was 6.5 percent higher than the previous year. Since taking office, inflation has risen by 13.7 percent, as stated by the New York Post.
Many Americans report feeling the negative effects of Biden’s economic policies. Recess Hyde, a 34-year-old New Yorker, shared his struggles of working two jobs to make ends meet. He even has to research restaurant menus before going on a date to ensure affordability.
Extreme measures, such as relying on food banks and asking family for financial assistance, have become necessary for some Americans like Brooklyn resident Tselane Stevens, who hasn’t received a raise during the major inflation period.
The Daily Caller reports an increase in the number of Americans taking second or even third jobs to bridge the financial gaps. Additionally, more individuals are settling for part-time work when they desire full-time employment.
Economist Peter Earle suggests that these trends indicate consumers are under duress, with businesses hiring cautiously due to uncertainty about future growth.
It is clear that Biden’s economic plan, known as “Bidenomics,” has not delivered the promised results, leaving many Americans struggling to make ends meet.
The post Bidenomics: Number of Americans Living Under Poverty Line Skyrocketed by Real Wage Decline appeared first on The Western Journal.
What are the far-reaching consequences of the increase in poverty and decline in household income, particularly in terms of access to education and healthcare
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 5.4 percent in 2022, reaching its highest level in over a decade. This surge in prices has put an additional burden on already struggling households, pushing many further into poverty.
Not only have prices risen, but wages have failed to keep up. The stagnation in pay raises has further compounded the financial difficulties faced by Americans. As the New York Post highlights, this decline in incomes for the third consecutive year has had a profound impact on the overall well-being of households, particularly those with children.
The consequences of this increase in poverty and decline in household income are far-reaching. Families are finding it increasingly difficult to cover essential expenses such as housing, healthcare, and education. This can lead to long-term negative outcomes, such as limited access to quality education and healthcare, as well as increased rates of homelessness and food insecurity.
President Biden’s economic plan, which promised to address these very issues, has fallen short of expectations. Despite initiatives such as the expansion of social welfare programs and tax credits, the reality for many Americans remains grim. The current statistics indicate that these efforts have not been sufficient in alleviating the financial strain experienced by a significant portion of the population.
Critics argue that a more comprehensive approach is needed to combat the rising poverty and declining incomes. They emphasize the importance of job creation, wage growth, and targeted policies that address the root causes of poverty, such as affordable housing and access to healthcare.
In conclusion, the recent report revealing an increase in Americans living below the poverty level is a cause for concern. The decline in household income, coupled with rising prices, paints a bleak picture of the economic reality faced by many Americans. While President Biden’s economic plan aimed to tackle these issues, it has so far failed to produce the desired results. Urgent action is needed to address these challenges and provide support to those who are most vulnerable in society.
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