In 2022, the average income of American households fell for the third year in a row, even though President Biden keeps talking about how great the economy is.
According to new data collected from the U.S. Census Bureau, the average family income in the U.S. dropped from $76,330 in 2021 to $74,580 in 2022, a drop of 2.3%. The drop is because food and transportation costs have stayed high, while inflation continues to be high.
“Because living expenses are subject to vary, income predictions are given in real or 2022 dollars. The cost-of-living adjustment saw its biggest yearly increase since 1981 from the years 2021 to 2022, increasing by 7.8%,” according to a news release from the Census Bureau.
According to the bureau, the drop in income was mostly felt by people under the age of 65, while people 65 and higher “did not notice a significant decrease in their median income through 2021 and 2022.”
The drop in income in 2022 could be a problem for Biden, who has been trying to sell Americans on his plan, which he calls “Bidenomics.”
“‘Bidenomics’ is a plan for working-class Americans. Last week, at a Labor Day speech,” Biden stated, “It’s for you. I’ve pointed out a thousand times that Americans never give up. None. I only hear negative things about America from my pals on the other side. People keep telling us that the U.S. is failing. They’re just not right. I have something to tell them. At this moment, America has the best economy in the world.”
Even though inflation in 2023 has stayed below what it was in 2022, Americans still have to pay a lot for gasoline and basic food items. The new figures from the Producer Price Index along with the Consumer Price Index also show that food prices will stay greater than the average through the latter part of 2023 as well as into 2024.
A recent study from the Wall Street Journal found that even though some people say the economy is getting better, many still don’t trust Biden’s economic plans. The Journal says that roughly three in five Americans claim that Biden has not done a good job with the economy and that 63% claim he has not done a good job with inflation.
The economy is getting better, according to Biden’s team, because inflation is going down and unemployment is low.
Tony Fabrizio, a Republican operative, told the Journal, “These guys can go out and speak about this kind of stuff all they want, but these voters do not hear it or don’t believe it. They’re not going to buy it.”