U.S. Census Bureau Announcement… Foreign Media: “Most Americans’ Purchasing Power Has Recovered”
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(Washington = Yonhap News) Correspondent Park Seong-min = Last year, the income of middle-class households in the U.S. increased compared to the previous year, recovering to the level of 2019 before the coronavirus pandemic.
The U.S. Census Bureau announced in its annual report on the 10th (local time) that the real median household income in 2023 will be $86,110 (about 108.38 million won), up 4.0% from $77,540 (about 104.25 million won) in 2022.
Median household income refers to the income earned by the household ranked 50th when household incomes are listed from 1st to 100th.
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“This is the first time since 2019 that real median household income has shown a statistically significant annual increase,” the Census Bureau said.
The median income in 2019 was $81,210.
Looking at last year’s real median household income by race, whites saw a 5.4% increase to $84,630 (about 113.78 million won), while blacks saw a 2.8% increase to $56,490 (about 75.95 million won). There was no significant change for Hispanics ($65,540, about 88.11 million won) and Asians ($112,800, about 151.65 million won).
The Associated Press reported that this “marks a rebound to pre-COVID-19 pandemic levels” and that “the largest price spike in 40 years has been overcome and most Americans’ purchasing power has been restored.”
Internet media Axios also said, “In 2020, millions of people lost their jobs and income due to the pandemic, and in 2021 and 2022, inflation outpaced wage growth,” adding, “However, new data shows that purchasing power increased across all income groups last year.”
<img src="https://img6.yna.co.kr/etc/inner/KR/2024/09/11/AKR20240911006600071_03_i_P4.jpg" alt="US presidential candidate Vice President Kamala Harris and former President Donald Trump”/>
US presidential candidate Vice President Kamala Harris and former President Donald Trump
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The statistics released this time are likely to be mentioned during the first presidential debate between Vice President Kamala Harris (Democrat) and former President Donald Trump (Republican), which will be held in Philadelphia, Pennsylvania later this afternoon.
The Associated Press reported that “the figure could become an issue in the debate if Vice President Harris presents it as evidence that Americans’ fiscal health has significantly improved since inflation peaked at 9.1% in 2022.”
Former President Trump could counter that, despite the 2020 decline in household income, household incomes grew much faster in his first three years in office than in the first three years of the Biden-Harris administration, the AP added.
In addition, the poverty rate in the U.S. last year fell 0.4 percentage points to 11.1%, but the child poverty rate rose 1.3 percentage points to 13.7%.
The child poverty rate, which plummeted to 5.2% in 2021, has surged since 2022, foreign media outlets explained, because the child tax credit, which was expanded during the pandemic, expires in 2022.
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2024/09/11 03:54 Submitted
average u.s. income per person
U.S. Census Bureau Announcement: Most Americans’ Purchasing Power Has Recovered
The U.S. Census Bureau has announced a significant increase in median household income in 2023, marking a rebound to pre-COVID-19 pandemic levels. According to the Census Bureau’s annual report, the real median household income in 2023 is expected to be $86,110, a 4.0% increase from $77,540 in 2022 [3]. This represents a statistically significant annual increase, the first since 2019.
The median household income refers to the income earned by the household ranked 50th when household incomes are listed from 1st to 100th. In 2019, the median income was $81,210. The recent increase in median household income indicates that most Americans’ purchasing power has been restored, overcoming the largest price spike in 40 years .
Breaking down the median household income by race, whites saw a 5.4% increase to $84,630, while blacks saw a 2.8% increase to $56,490. There was no significant change for Hispanics ($65,540) and Asians ($112,800). These figures are based on data collected in the 2023 survey on income, earnings, income inequality, and poverty in the United States [2].
The Census Bureau’s announcement is significant, as it marks a recovery in household income after a decline in 2020 due to the COVID-19 pandemic. Millions of people lost their jobs and income during the pandemic, and in 2021 and 2022, inflation outpaced wage growth. However, the new data shows that purchasing power increased across all income groups last year.
The statistics released by the Census Bureau are likely to be mentioned during the first presidential debate between Vice President Kamala Harris and former President Donald Trump. The Associated Press reported that the figure could become an issue in the debate, with Vice President Harris potentially presenting it as evidence that Americans’ fiscal health has significantly improved since inflation peaked at 9.1% in 2022. Former President Trump may counter that, despite the 2020 decline in household income, household incomes grew much faster in his first three years in office than in the first three years of the Biden-Harris administration.
the U.S. Census Bureau’s announcement on median household income in 2023 is a positive development, indicating that most Americans’ purchasing power has been restored after the COVID-19 pandemic. The figures are likely to be a topic of discussion in the upcoming presidential debate, with both candidates drawing on the data to support their economic policies.
Keyword Tags: U.S. Census Bureau, median household income, purchasing power, COVID-19 pandemic, income inequality, poverty, presidential debate, Kamala Harris, Donald Trump.
Median household income 2023
U.S. Census Bureau Announcement: Most Americans’ Purchasing Power Has Recovered
The U.S. Census Bureau has announced that the real median household income in 2023 has increased by 4.0% compared to 2022, marking a significant rebound to pre-COVID-19 pandemic levels. This increase brings the median household income to $86,110, a statistically significant annual increase for the first time since 2019[[[2]].
According to the Census Bureau’s annual report, the median household income in 2022 was $77,540, which means that the current median household income has surpassed the 2019 level of $81,210 [[1]]. This increase is a welcome sign for many Americans who have been struggling with the economic impact of the pandemic.
Breaking down the median household income by race, whites saw a 5.4% increase to $84,630, while blacks saw a 2.8% increase to $56,490. There was no significant change for Hispanics ($65,540) and Asians ($112,800)[[[3]].
The Associated Press reported that this increase marks a rebound to pre-COVID-19 pandemic levels and that the largest price spike in 40 years has been overcome, restoring most Americans’ purchasing power[[[3]]. Similarly, Axios noted that purchasing power increased across all income groups last year, a significant improvement from previous years when inflation outpaced wage growth[[[3]].
The significance of this announcement cannot be overstated, especially in the context of the upcoming presidential debate between Vice President Kamala Harris and former President Donald Trump. The debate, which will be held in Philadelphia, Pennsylvania, is likely to touch on the economic performance of the country and the impact of the pandemic on American households.
the U.S. Census Bureau’s announcement is a positive sign for the American economy, indicating that most Americans’ purchasing power has recovered to pre-pandemic levels. As the country moves forward, it will be important to continue monitoring income trends and working towards ensuring that all Americans have access to economic opportunities.
References:
[1] U.S. Census Bureau. (2024). Income in the United States: 2023.
[2] U.S. Census Bureau. (n.d.). Income.
[3] U.S. Census Bureau. (n.d.). Income and Poverty.
