Inflation-adjusted median household income fell to $74,580 in 2022 — a 2.3% decline from the 2021 average of $76,330, the federal agency reported on Tuesday.
American incomes have been slipping gradually since 2020, when households enjoyed average earnings of $76,660.
This figure has dropped a whopping 4.7% since its peak in 2019, painting an ugly picture of how President Joe Biden’s economic policies have failed to counter pressures provoked by the pandemic — thus keeping inflation stubbornly high and wages gains too slow to keep up.
Householders who received their high school diploma — but not a college degree — saw an even larger year-over-year drop in income from 2021 to 2022, the Census Bureau found.
In 2021, these earners made an average of $54,350, which dropped a staggering 5.3% to $51,470 by 2022 when adjusted for inflation.
American incomes have been slipping gradually since 2020, when households enjoyed average earnings of $76,660.
This figure has dropped a whopping 4.7% since its peak in 2019, painting an ugly picture of how President Joe Biden’s economic policies have failed to counter pressures provoked by the pandemic — thus keeping inflation stubbornly high and wages gains too slow to keep up.
Householders who received their high school diploma — but not a college degree — saw an even larger year-over-year drop in income from 2021 to 2022, the Census Bureau found.
In 2021, these earners made an average of $54,350, which dropped a staggering 5.3% to $51,470 by 2022 when adjusted for inflation.
