Despite the Biden administration’s efforts to promote the supposed successes of “Bidenomics,” a recent report from the United States Census Bureau has unveiled a stark reality: many Americans have experienced a significant deterioration in their economic well-being during the first half of President Biden’s term.
The official poverty rate remained relatively stable at around 11.5% in both 2021 and 2022, according to the report. However, the Supplemental Poverty Measure (SPM), which provides a more comprehensive view of poverty, saw a substantial increase of 4.6% in 2022, reaching 12.4%. This marks the first overall increase in the SPM since 2010, with a total of 37.9 million Americans living in poverty in 2022. The report partly attributes this rise to the expiration of tax credits and pandemic stimulus payments.
Income levels also saw a decline across various metrics. Real median household income dropped by 2.3%, falling from $76,330 to $74,580, while real median earnings of all workers decreased by 2.2%. Full-time, year-round workers experienced a somewhat less severe decline of 1.3%. Additionally, inflation surged by 7.8% from 2021 to 2022, marking the largest single-year increase in the cost of living since 1981.
This troubling economic data comes amid other concerning developments for the president. In August, the unemployment rate rose from 3.5% to 3.8%, while inflation ticked up to 3.2%, marking the first increase after a consistent year-long decline.
Despite these concerning economic indicators, President Biden has consistently maintained that economic conditions are improving in the United States, often attributing any positive trends to his policies. However, public sentiment appears to be skeptical of these claims, with only 37.8% of Americans approving of his handling of the economy in the RealClearPolitics polling average, while 58.9% disapprove.
In summary, the Census Bureau’s report highlights significant economic challenges faced by many Americans during the first half of President Biden’s term, raising questions about the effectiveness of his economic policies and the overall state of the nation’s economy.