Later today the Census Bureau annual data on median household income will be released for 2022. This is considered the gold standard of data on annual economic progress or decline for families.
Under Trump, the Census data showed a giant $6,500 real increase in median household income. We are predicting that the numbers to be released by the census will show a substantial DECLINE in real household income – of several thousand dollars.
Our best estimate by tracking the Labor Department monthly wage and salary data is that through the end of 2022, the average household has LOST about $4,000 in real purchasing power. These are abysmal numbers given that when Biden came into office, the economy was recovering from COVID and people were going back to work.
If it is Trump v. Biden in 2024, the question Trump should ask is: Are you better off than you were four years ago?