US Poverty Rate Skyrockets for the First Time in Over a Decade Thanks to Bidenomics
Welcome to the harsh reality of Bidenomics, where the American dream is fast becoming an economic nightmare. For the first time in over a decade, the U.S. poverty rate has seen a sharp increase, marking a disastrous milestone in the Biden administration’s economic track record.
According to the U.S. Census Bureau, the poverty rate stood at an alarming 12.4% in 2022, up from 7.8% in 2021. This means that more than one in ten Americans now live in poverty – the highest rate in 13 years. But wait, there’s more! While the poverty rate soared, the U.S. real median household income took a nosedive, decreasing by 2.3% to $74,580 in 2022. Thanks, Bidenomics!
Meanwhile, inflation is running rampant, with year-over-year inflation rising by a staggering 7.8%, according to Fox Business. Let’s not forget, prices have ballooned by over 17% since Biden took the reins. But sure, his policies are ‘working’ and his spending plans have ‘juiced’ the economy.
“This accelerating inflation, which is nearly twice the Federal Reserve’s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years,” said Alfredo Ortiz, President and CEO of Job Creators Network.
Indeed, as GOP adviser David Winston rightly pointed out, everything is more expensive than it was on the day Biden assumed office. Yet, Biden continues his attempt to dress up central planning as “America First.” His economic agenda, initially sold as “BABA” — Building a Better America, proved to be a cheap imitation of former President Donald Trump’s MAGA — Make America Great Again. But like all knockoffs, it fell apart under the slightest pressure.
Unsurprisingly, BABA failed to resonate with Americans. Now, Biden is attempting to rebrand his economic vision as “Bidenomics.” But no matter how he tries to spin it, the results are starkly clear: The American people are worse off today than they were four years ago.
In the world of Bidenomics, the proof really is in the pudding — a pudding that now costs more money, evidently. As we wade deeper into the murky waters of this administration’s economic policies, Bidenomics is proving to be a disaster for the American people.