America's poverty rate soared last year. Children were among the worst hit.
Key Excerpts from Article on Website of CBS News
Posted: October 3rd, 2023
Millions of American families fell into poverty last year as the well of government-funded pandemic aid dried up and incomes shrank, according to new data from the U.S. Census. Children were particularly hard-hit, with the poverty rate for kids doubling compared with 2021. The rise in poverty amounts to an increase of 15.3 million people around the U.S. living in poverty. Rising inflation [has] hobbled many households. Last year also marked the end of all pandemic-era benefits that helped families stay afloat during the health crisis, such as stimulus checks and the Child Tax Credit, which distributed as much as $300 per child in cash payments. The Supplemental Poverty Measure (SPM), which measures whether people have enough resources to cover their needs, was 12.4% for U.S. households in 2022, an increase of 4.6 percentage points from a year earlier, the Census said on Tuesday. The child poverty rate, as measured by the SPM, jumped from a historic low of 5.2% in 2021 to 12.4% in 2022, the Census said. That's the largest change in child poverty since the Census began tracking the SPM in 2009, Census officials said. If the expanded Child Tax Credit had been renewed, about 3 million additional children would have been kept out of poverty last year. U.S. households also earned less last year, the Census said. The median household income in 2022 was $74,580, a decline of 2.3% from 2021 and the third year in a row that incomes have dipped.
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