Rising Poverty and Falling Incomes: The Impact of Aid Cuts and Economic Challenges
TL;DR
The poverty rate in the United States soared to 12.4% in 2022, the largest one-year jump on record, as federal aid programs expired and living costs rose. Poverty among children more than doubled, reaching 12.4% from a record low of 5.2% the previous year. The increase in poverty reversed two years of large declines driven by pandemic safety net programs. Median household income fell 2.3% to $74,580, adjusted for inflation, due to the impact of rising prices. The poverty threshold also rose sharply, contributing to financial hardship for many families.
- Poverty Rate Soared in 2022 as Aid Ended and Prices Rose The New York Times
- Poverty rate jumps in 2022 after end of enhanced child tax credit CNN
- Biden's big anti-poverty battle just took a hit — and so might 'Bidenomics' - POLITICO POLITICO
- Opinion | The best vehicle for addressing child poverty is right before our eyes The Washington Post
- U.S. Incomes Fall for Third Straight Year The Wall Street Journal
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