Inflation has eaten over 20% of income since 2019, according to the Bureau of Labor Statistics. pic.twitter.com/emLPXyGe7R
— Yordie Sands 🌺 (@YordieSands) September 12, 2023
“Median household income fell by 2.3% in 2022 on an inflation-adjusted basis, the Census Bureau reported Tuesday.
The report, which is released on an annual basis and is taken from the Census Bureau’s Current Population Survey Annual Social and Economic Supplement, shows real median incomes falling for the third year in a row.
Median household incomes peaked at $78,250 in 2019, the year before the pandemic. They declined in 2022 to $74,580, a year that saw inflation soar, undercutting household purchasing power.
“Despite nominal gains, historically high inflation resulted in a decline in real median household income,” said Liana Fox, assistant division chief for economic characteristics in the Census Bureau’s Social, Economic, and Housing Statistics Division.
The figures released on Tuesday showed that poverty was flat, with about 11.5% of the population, or 38 million people, below the poverty line, which was $29,678 for a family of four.”