Poverty among Americans skyrockets under ‘Bidenomics.’
Real wages have declined during President Joe Biden’s term, leading to a dramatic increase in the number of Americans living below the poverty line, according to a new U.S. Census Bureau report.
The report, released last week, found that in 2022, the number of Americans living under the poverty level had risen to 12.4 percent, up from 7.8 percent in 2021.
Democrats controlled both chambers of Congress and the White House during Biden’s first two years in office, passing monster spending bills that many economists said led to huge inflationary increases that continue to this day. The White House, meanwhile, has touted the president’s economic policies — “Bidenomics,” as they are collectively referred to — as he heads into reelection mode.
The New York Post, citing the report, added: “You aren’t just imagining it: Your paycheck didn’t go as far last year as it did the year before — or the year before that. Inflation surges outpaced the average pay raises of US workers in 2022 — the third consecutive year under President Joe Biden in which Americans have seen their standard of living take a tumble, according to fresh data from the US Census Bureau. Inflation-adjusted median household income fell to $74,580 in 2022 — a 2.3% decline from the 2021 average of $76,330, the federal agency reported on Tuesday.”
The rise in costs and the drop in real income under Biden and Democratic leadership has caused tens of millions of Americans to cut back on expenses, buy cheaper items, and even borrow money from family to pay for monthly expenses.
As gas prices begin to rise again and food prices have remained high, credit card debt in the U.S. has also swollen “by $45 billion from Q1 2023 to Q2 2023,” according to Bankrate.com in August.
The report said that “consumer credit card debt has risen to an all-time high of $1.03 trillion,” as “the number of credit card accounts also grew by 5.48 million.”
