Published

US Household Incomes Fall For Third Straight Year: Census Bureau

  • In 2022, US inflation-adjusted household income dropped by the largest amount in over a decade, reaching a median income of $74,580 compared to $76,330 in 2021. This marks the third consecutive year of income decline, a trend seen in past recessions.
  • Despite the decrease in overall incomes, income inequality in the US fell by 1.2% between 2021 and 2022, driven by a decline in real income among the middle and top earners. The poverty rate for the Black population also declined to 17.1%. However, child poverty rates rose significantly due to the expiration of government programs and stimulus payments.
  • The Census Bureau data for 2022 revealed a decrease in the number of uninsured individuals to 7.9%. While the economy has bounced back from the initial pandemic downturn, Americans still perceive a recession due to slow wage growth and lower consumer sentiment.
Insights by Ground AI
Does this summary seem wrong?
Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/yearSubscribe

Bias Distribution

  • 56% of the sources lean Right
Factuality

To view factuality data please Upgrade to Premium

Ownership

To view ownership data please Upgrade to Vantage

Sources are mostly out of (0)