New data shows that even as President Joe Biden proclaims Bidenomics has transformed America for the better, that’s not necessarily so.
According to data from the Census Bureau, according to what is known as the Supplemental Poverty Measure, America’s child poverty rate more than doubled from 2021 to 2022. The rate was 5.2 percent in 2021 and 12.4 percent in 2022.
The supplemental measure of poverty, according to the Census, was below the official measure of poverty in 38 states, higher in three, and more or less the same in nine.
In releasing the data, the Census said that “the expiration of temporary expansions to the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) as well as the end of pandemic-era stimulus payments” were seen to “lead to increases in SPM poverty.”
The data led the Wall Street Journal to scold the president in an editorial headlined “The Census Exposes Bidenomics.”
“The annual census data tell the real story of Bidenomics: A gusher of unprecedented and unnecessary social-welfare spending helped to produce the highest inflation in 40 years that has made Americans poorer. The last thing Congress should do is heed Mr. Biden’s demand to do it all again,” the Journal editorial said.
The editorial noted that Biden tried to blame Republicans for the child poverty increase, and wrote “Mr. Biden has apparently forgotten that Republicans didn’t control either branch of Congress in 2021 or 2022.”
Last week, the Bureau of Labor Statistics noted that August brought multiple cost increases to consumers.
“The energy index rose 5.6 percent in August after increasing 0.1 percent in July. The gasoline index increased 10.6 percent in August, following a 0.2 percent increase in the previous month. (Before seasonal adjustment, gasoline prices rose 5.9 percent in August),” the Labor Department noted.
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The monthly report for August indicated food prices and rent also rose.
“We really are at a major economic tipping point, and things are going to get even worse as more Americans lose their jobs,” Michael Snyder commented on Activist Post as he ran down the gloomy numbers.
Snyder noted a recent comment from JPMorgan Chase CEO Jaime Dimon.
“To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” Dimon said on Monday, according to CNBC, adding that governments are “spending like drunken sailors.”
Snyder interpreted that comment to mean “the numbers have gotten so bad that even he can see that big trouble is rapidly approaching.
“Decades of very foolish decisions have brought us to this stage, and now a tremendous amount of pain is ahead of us. Unfortunately, the colossal mistakes that we have made will hurt our children severely. The child poverty rate has already more than doubled, and it will continue to go even higher as the U.S. economy steadily crumbles right in front of our eyes,” he wrote.
