Millions of American families, including children, descended into poverty in 2022 due to the waning government-funded pandemic aid and declining incomes.
Recently released data by the US Census Bureau shows that millions of American families fell into poverty in the wake of dwindling government-funded pandemic assistance and shrinking incomes with children hit the hardest, as their poverty rate doubled compared to the previous year.
The abrupt surge in poverty has been described as “stunning” by Sharon Parrott, President of the Center on Budget and Policy Priorities. Parrott attributes this distressing increase in child poverty to the cessation of the expanded federal Child Tax Credit in 2022 and calls upon lawmakers to reinstate this critical benefit.
The ramifications of this rise in poverty are staggering, affecting an additional 15.3 million people across the United States who now find themselves living below the poverty line, according to data from the Center on Budget and Policy Priorities think tank.
This disconcerting trend highlights the paradox of the post-pandemic economy. On the one hand, it has seen a robust job market, while on the other, it has witnessed the relentless ascent of inflation, placing significant strain on many households.