Inflation contributes to declining income and increasing poverty in the United States

Inflation contributes to declining income and increasing poverty in the United States

    Tuesday, September 12, 2023   No comments

The US Census Bureau announced that inflation caused a decline in real income by 2.3% in the United States in 2022 despite raising wages, while poverty increased with the cessation of government aid, which was provided during the Corona pandemic.

Liana Fox, a Census Bureau official, explained during an online press conference that “high inflation led to a decline in real average family income,” which amounted to $47,960.

The official poverty rate remained stable compared to last year, at 11.5%, or 37.9 million people, living on less than $14,880 annually, or $29,950 for a family of four.

But another measurement showed a completely different truth. This measure, also published by the Census Bureau, adjusts the income below which a person is considered poor, taking into account government assistance and the cost of child care and medical expenses.

According to this measure, the poverty rate rose for the first time since 2010, increasing from 7.8% to 12.4% between 2021 and 2022.

The child poverty rate doubled, rising to 12.4%, while it was 5.2% in 2021, a historic low.

US Senator Roger Marshall: "The greatest long-term threat the United States faces is our national debt"

US Senator Roger Marshall: "The greatest long-term threat the United States faces is our national debt"

    Thursday, March 16, 2023   No comments

A statement that was true for almost all previous empires, is now discovered to apply to the US: "The greatest long-term threat the United States faces is our national debt". That is the conclusion of a US Senator Roger Marshall.

"I’m often asked what's the greatest threat our nation faces and I'm here to tell you [that] it's not Russia. It's not China. It's not North Korea. It's not Iran. And no, I love the environment, it's not climate change.  The greatest long-term threat the United States faces is our national debt of $31 trillion and growing," Marshall told the US Senate Budget Committee.

Reportedly, according to Marshall, President Joe Biden has spent more than any other president in US history during his first 20 months in office.

He adds that energy prices have risen by more than 37%, home heating fuel by more than 52%, electricity prices by more than 23%, gasoline by more than 45%, and groceries by more than 19% during the Biden administration.

 

Lessons from history support this point of view: almost all major empires collapsed under the weight of crushing debt, not due to outside military threats.