Poverty Rate Climbs Under Biden Administration

the staff of the Ridgewood blog

Ridgewood NJ, the recent Census Bureau report on income and poverty in 2022 is a major fail for the Biden Administration.  The report showed the supplemental poverty rate rose in one year by nearly a record amount. The child poverty rate doubled. Almost every income group – old people, young people, males, females, and residents of every region of the country lost ground.

Meanwhile, the median income household FELL by 2.2 percent. The average family is roughly $2,000 poorer than when Biden entered office following a more than $6,000 RISE in middle-class incomes under Trump.

But the left is celebrating that the gap between rich and poor narrowed. The so-called Gini Coefficient,  a standard measure of the income gap showed a slight reduction in inequality. The ratio of the total income to the top 10 percent of earners to the bottom 10% of earners fell by 10%. That’s because nearly every income group lost ground.

Worse yet some states are just trying harder , the Bureau of Economic Analysis  has just released data on which states had income growth and which states had income declines in 2022.  It’s almost sad to see right before our very eyes the economic decaying of three deep blue and once-America’s economic powerhouse states: California, Illinois, and New York. This is the endgame of progressive governance – everyone gets poorer – and those that can, get out of town.

The new growth states in America are Florida, Tennessee, Texas (all with no state income tax), and Utah.

Biden’s failures along with state failures are a useful reminder that putting equality over prosperity leads inevitably to equal misery.

 

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