The US Census Bureau has shed light on the state of the economy, providing a clear answer to the question that Vice President Kamala Harris dodged during last week’s presidential debate. The data from the latest American Community Survey paints a stark picture: the average American household is poorer today than it was four years ago.
The Census Bureau’s latest figures show that the median household income has declined from $81,210 in 2019 to $80,610 in 2023. This decrease is all the more striking when compared to the significant gains made during the pre-pandemic years of the Trump administration, when median household income rose by over $10,000 from $71,000 in 2016.
The data also reveals that the cost of living has increased dramatically, with the largest annual real increase in housing costs since at least 2011. A staggering 49.7% of renters now spend more than 30% of their income on housing, with the numbers even more dire for black households, where 56.2% face this burden.
Furthermore, the Census Bureau reports that poverty rates have risen to 12.9% in 2023, up from 12.4% the previous year. This trend is mirrored in other economic indicators, with credit card balances and delinquencies nearing all-time highs, according to the Federal Reserve.
The economic woes of the Biden-Harris administration can be attributed, in part, to the prolonged COVID-19 shutdowns and the subsequent $1.9 trillion spending spree. This move not only failed to address the economic crisis but also triggered near-record inflation, which has averaged 9.1% under the current administration, a far cry from the average of under 2% during Trump’s term.
The contrast in job growth is also striking, with over 12 million jobs added during the final months of the Trump administration, compared to a slower rate of 400,000 per month under Biden. The data suggests that the Biden-Harris administration’s policies have had a profoundly negative impact on the economy, leaving many Americans worse off than they were four years ago.
