According to the U.S. Census Bureau, the number of Americans living below the poverty level has seen a rise for the first time in years, from 7.8 percent in 2021 to 12.4 percent in 2022, with the Biden administration’s inflationary policies making it more difficult for Americans to keep up with increasing prices.
Inflation surges have outpaced average pay raises for U.S. workers for three consecutive years under Biden. The median household income, adjusted for inflation, also saw a decline of 2.3 percent.
The Consumer Price Index was reported to be 6.5 percent higher than the previous year, and since Biden took office, inflation has risen by 13.7 percent. Alfredo Ortiz, the President and CEO of Job Creators Network, stated that “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.”
Despite this, President Biden insists that his economic plan is effective. He stated in a speech, “We still have more work to do, but we’re clearly moving in the right direction, and there’s more breathing room in store for American workers and families.” However, a recent poll found that 47 percent of Americans trust former President Trump on the economy, compared to 36 percent who favor Biden.