- In the realm of economic policy, the U.S. poverty rate has experienced its first increase in over a decade, according to the U.S. Census Bureau, reaching 12.4% in 2022, up from 7.8% in the previous year. This notable shift marks the initial upturn in the U.S. poverty rate in 13 years.
- In addition to the increase in the U.S. poverty rate, the Census Bureau also noted a 2.3% decline in the U.S. real median household income, which fell to $74,580 in 2022. Moreover, year-over-year inflation experienced a significant rise of 7.8%, as reported by Fox Business.
- These economic trends have raised questions about the effectiveness of the Biden administration’s policies, despite claims that government spending initiatives were intended to boost the American economy. Since taking office, prices have surged by more than 17%.
