Fresh data from the 2022 U.S. Census Bureau reports is now available.
The supplemental poverty measure, accounting for government benefits and taxes, surged from 7.8% to 12.4%. Child poverty more than doubled due to the expiration of the expanded child tax credit, putting over 5 million more children into poverty.
When it comes to median income, there was a 2.3% drop last year, primarily seen in white, non-Hispanic households. Black household incomes held relatively steady over the same period.
On the healthcare side, the uninsured rate in the U.S. fell to a new low of 7.9%, marking progress in healthcare coverage.
So what does this all mean? Government policies, especially targeted tax benefits, have a massive impact on poverty rates and economic well-being.
Will these significant statistics drive policymakers to create more targeted and effective economic policies?