Joe Biden has ushered in the worst economy since he was Barack Obama’s vice president.
The last time Americans saw a drop in income this bad was during the Obama years.
Per Breitbart News:
The Census Bureau on Tuesday released its calculations for the change in real median household income for last year. By its calculations, the median income of U.S. households fell in 2022 by 2.3 percent, the worst decline since 2010.
The last time the economy was this bad, it was 2010.
That’s before taxes. Once you calculate in changes to the taxes paid and subsidies handed out, household income fell 8.8 percent. A lot of the post-tax decline had to do with the lapsing of the Biden administration’s pandemic “rescue” policies—like child tax credits and the super-sized earned income tax credit—that pumped up incomes and contributed to the worst inflation in decades.
The real median earnings of all workers—which includes part-time and full-time workers—declined 2.2 percent. Median earnings of those who worked full-time, year-round fell 1.3 percent.
Breitbart went on…
Family household income actually fell by even more than the median, dropping 2.9 percent. Non-family households saw a climb of 0.8 percent. Older Americans saw an income decline of 2.1 percent, worse than the 1.4 percent decline for people under 65. So, families and the elderly have suffered the most.
That chaos at the southern border? It is not helping Americans earn better incomes. Native-born incomes fell 2.5 percent while foreign-born incomes actually edged up 0.2 percent.
Incomes were down across the country. The region that got hit the hardest was the Midwest, where income fell by a stunning 4.7 percent. In the Northeast, where Biden dominated electoral results in 2020, median household income fell 3.8 percent. In the West, income fell 3.2 percent. In the South, income ticked down just 0.1 percent.
The damage to incomes in the Midwest and the Northeast may be a factor for voters in swing states like Pennsylvania, Wisconsin, and Michigan next year.
While Joe Biden claims his programs will rebuild the economy from “the bottom up,” the numbers do not support that contention. The official poverty rate was 11.5 percent, with 37.9 million people in poverty. “Neither the rate nor the number in poverty was significantly different from 2021,” the Census Bureau said
Breitbart has much more in its report, but the upshot is that Joe Biden’s policies have genuinely made life worse for every American.
And it is getting worse.
Cross Posted with iPatriot
