The recent Census Bureau report on income and poverty in 2022 was godawful. The supplemental poverty rate rose in one year by nearly a record amount. The child poverty rate doubled. Almost every income group – old people, young people, males, females, and residents of every region of the country lost ground.
Meanwhile, median income household FELL by 2.2 percent. The average family is roughly $2,000 poorer than when Biden entered office following a more than $6,000 RISE in middle-class incomes under Trump.
But the left is celebrating that the gap between rich and poor narrowed. The so-called Gini Coefficient — a standard measure of the income gap — showed a slight reduction in inequality. The ratio of the total income to the top 10 percent of earners to the bottom 10% of earners fell by 10%. That’s because nearly every income group lost ground.
Instead of the JFK aspiration of a RISING tide lifting all boats, we now have a falling tide that is capsizing all boats, but the big yachts are underwater more than the row boats.
Biden’s failures are a useful reminder that putting equality over prosperity leads inevitability to equal misery.