Poverty Rate Jumped Significantly in 2022

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Data released yesterday from the Census Bureau shows the number of Americans living in poverty jumped last year for 2022. 12.4% of Children were living in poverty which is a substantial increase over the record low of 5.2% child poverty rate for the year of 2021. Researchers say the rate rose so significantly in part because Congress did not renew the enhanced child tax credit put into place during the pandemic. The data also shows that the median household income was just below 74,500 which is down 2.3% from the previous year.