Bidenomics in Action: US Household Incomes Tumble for the Third Straight Year

President 👤Joe Biden and his administration are spending a lot of time touting the supposed “success” of Joe’s “Bidenomics” economy ahead of the 2024 campaign season, meanwhile, the actual economic numbers seem to show that the exact opposite is true. Bidenomics is putting a serious hurt on Americans.

The latest blow to Biden’s claim that his economic policies are helping Americans get ahead comes from the U.S. Census Bureau which finds that American household income has fallen for the third straight year and the cost of living has soared with the highest inflation rate in forty years.

Census Bureau data reported on Tuesday shows that the U.S. real median household income fell by 2.3 percent to $74,580 in 2022, down from $76,330 in 2021. Inflation also rose 7.8 percent, the highest annual rise since 1981, Fox News reported.

“Despite the drop in income, the official poverty rate was not statistically different in 2022 than the year before, at 11.5%, with 37.9 million Americans living in poverty, according to the report. However, the Supplemental Poverty Measure (SPM) rate, which accounts for participation in government programs, doubled from 5.2% in 2021 to 12.4% in 2022,” Fox added.

The data reveals that in the era of Bidenomics, more Americans took on full-time work last year, up 3.4 percent over 2021. The Bureau also found that more women are working full-time than ever. In 2022, 65 percent of women were working a full-time job, the highest rate ever recorded, which shows that more women than ever are being taken out of the home.