Regular readers are aware that life for middle-class Americans under the Biden administration has been a constant – and consistent – descent into economic hell, courtesy of real incomes declining every single month since the end of the Trump administration, when inflation exploded wiping out all nominal wage gains since 2020.
Today, the Census Bureau made sure that everyone else knows as well, when it reported that inflation-adjusted household incomes in the US decreased 2.3% in 2022 from a year earlier, the third year in a row of declining real incomes, highlighting the toll surging cost of living is extracting on American families, a near-record number of whom are forced to take multiple jobs just to make ends meet.
The median income last year was $74,580 compared with $76,330 in 2021, $76,660 in 2020 and $78,250 in 2019 (the all-time high hit during the Trump administration), according to the Census Bureau’s annual report on income, poverty and health insurance coverage.
Systemic Affirmative Action and wealth transfer by the government to those truly unworthy of the oxygen they waste!