Americans' Incomes Fall for Second Year during the Biden Administration
Due to President Biden’s reckless spending and failed economic policies, real median household income has declined for the third year in a row as reported by the U.S. Census Bureau.
Real Median Household Income declined last year, falling from $76,330 to $74,580 in 2022-dollar terms. To put this in perspective, we haven’t seen this level of decline since the Great Recession of 2008.
Specifically, the report finds:
- Real median earnings declined by 2.2 percent over the same period.
- Real median post-tax income was down 8.8 percent relative to 2021.
The reason for this decline in real income was the result of 40-year high inflation. In other words, the cost of good and services, also known as the Consumer Price Index (CPI) rose 7.8 percent between 2021 and 2022, while income growth could not keep up.
In short, Americans have seen a decline in real median income both of Biden’s first two years in office.
The Bottom Line:
Bidenomics is not working for the American people. Persistent high inflation, record spending, failed economic policies, regulations, and a slew of new taxes have eaten away at the well-being of the American people. Congress needs to cut red-tape, right-size the bloated bureaucracy and rein-in reckless spending to Reverse The Curse and get the economy and people’s wallets growing again.