Nominally, households earned more money in 2022 than they did in 2021. But thanks to inflation caused by Bidenomics, real household income (that is, income adjusted for inflation) not only fell, but fell by an amount not seen since the Great Recession.
According to Census Bureau numbers released Tuesday, median household income fell from $76,330 in 2021 to $74,580 in 2022, a decline of 2.3%. This is the biggest drop in real household income since 2010, when it fell 2.6%. Even at the height of the pandemic, when millions of people couldn’t work, real income only fell 2.2%.The decline in real income was driven entirely by near-record-high inflation. According to the Census Bureau, inflation rose 7.
Before Biden’s first trillion-dollar spending law was even passed, National Economic Council Director Larry Summers warned, “Macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability. … Stimulus measures of the magnitude contemplated are steps into the unknown.
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