Despite a decline in household income and an uptick in the poverty rate, the White House and officials in President Biden’s administration are insisting that their economic policies, referred to as Bidenomics, are effective.
Data recently released by the United States Census Bureau indicates that the real median household income dropped from $76,330 in 2021 to $74,580 in 2022, marking a 2.3% decrease. While the official poverty rate remained essentially unchanged from 2021 to 2022, the Supplemental Poverty Measure (SPM) rate, which assesses participation in government programs, saw an increase to 12.4% in 2022, a rise of 4.6% compared to 2021.
The data further reveals that the child poverty rate measured by the Supplemental Poverty Measure more than doubled, surging from 5.2% in 2021 to 12.4% in 2022.
During an interview with CNN in early August, White House Press Secretary Karine Jean-Pierre asserted that Bidenomics is “working” when analyzing the available data. She cited reductions in costs, inflation, and rising wages as indicators of the administration’s economic success.
In response to inquiries, a White House spokesperson referred to a statement from President Biden regarding the new census data. In the statement, Biden attributes the increase in poverty to congressional Republicans’ refusal to extend the enhanced Child Tax Credit while advancing corporate tax cuts. He argues that the rise in child poverty is a deliberate policy choice made by congressional Republicans, emphasizing his commitment to restoring the expanded Child Tax Credit.
Inflation also saw an increase in July, with the consumer price index rising 0.2% compared to June, according to data from the Labor Department. This figure was slightly below the 3.3% forecast by Refinitiv economists.
A Fox News poll conducted in August revealed that 52% of Americans believe Biden has worsened the economy, while 25% believe he has improved it.
When confronted with negative polling results related to Americans’ perception of Bidenomics, Jean-Pierre told the CNN host that polls “don’t show everything” and attributed the current economic challenges to the lingering effects of the pandemic. She emphasized that President Biden has dedicated the past two years to revitalizing the economy.