Inflation can get worse very quickly: Gary Kaltbaum
Fox News contributor Gary Kaltbaum breaks down inflation fears following rising oil prices on 'Your World.'
The White House and officials in President Biden's administration are claiming that Bidenomics is working despite a decrease in household income and an increase in the poverty rate.
Data released by the United States Census Bureau on Tuesday revealed that the real median household income fell from $76,330 in 2021 to $74,580 in 2022, a drop of 2.3%. While the official poverty rate remained statistically unchanged from 2021 to 2022, the Supplemental Poverty Measure (SPM) rate, which measures the participation in government programs increased to 12.4% in 2022, up 4.6% in 2021.
The Supplemental Poverty Measure child poverty rate more than doubled to 12.4% in 2022 from 5.2% in 2021, the data shows.
During an early August interview with CNN, White House Press Secretary Karine Jean-Pierre said Bidenomics is "working" when people look at the data.
"Costs is going down," she said. "When you think about inflation. When you think about wages going up. That is Bidenomics."
US HOUSEHOLD INCOME FELL IN 2022 FOR THIRD STRAIGHT YEAR, CENSUS DATA SHOWS
US President Joe Biden speaks during an event in the State Dining Room of the White House in Washington, DC, US, on Wednesday, Sept. 6, 2023. Biden is celebrating a labor deal for port workers in a bid to showcase his support for unions even as another contract dispute involving the auto industry threatens to rattle the US economy and upend supply chains. Photographer: Bonnie Cash/UPI/Bloomberg via Getty Images (Bonnie Cash/UPI/Bloomberg via Getty Images)
When reached for comment, a White House spokesperson referred Fox News Digital to a statement from Biden on the new census data, which attempts to blame Republicans for the rise in poverty.
"Today’s Census report shows the dire consequences of congressional Republicans’ refusal to extend the enhanced Child Tax Credit, even as they advance costly corporate tax cuts. We cut child poverty by nearly half to record lows for all children in this nation largely by expanding the Child Tax Credit. Last year, Congressional Republicans insisted on raising taxes on families with children," Biden said. "The rise reported today in child poverty is no accident—it is the result of a deliberate policy choice congressional Republicans made to block help for families with children while advancing massive tax cuts for the wealthiest and largest corporations. No child should grow up in poverty, and I will continue to fight to restore the expanded Child Tax Credit to give tens of millions of families the tax relief and breathing room they deserve."
Inflation ticked higher in July as the consumer price index rose 0.2% in July from June, according to data from the Labor Department. The figure was slightly below the 3.3% forecast from Refinitiv economists.
An August Fox News poll found that 52% of Americans feel that Biden has made the economy worse while 25% believe he has made it better.
JEAN-PIERRE CONFRONTED WITH POLLS SHOWING 'BIDENOMICS' ISN'T POPULAR WITH AMERICANS
White House Press Secretary Karine Jean-Pierre speaks during the daily briefing in the Brady Briefing Room of the White House in Washington, DC, on September 5, 2023. (JIM WATSON/AFP via Getty Images)
When confronted with negative polling on Americans' view of Bidenomics, Jean-Pierre told the CNN host that polls "don’t show everything."
She said the current state of the economy is reflective of damage caused by the pandemic.
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Joe Biden speaks during a meeting with members of the King family and organizers of the 60th anniversary of the March on Washington, in the Roosevelt Room of the White House in Washington, DC, on August 28, 2023. (SAUL LOEB/AFP via Getty Images)
"Americans are coming out of a pandemic. We are dealing with a lot when you think about the economy. But here’s the thing, this is a president who has spent the last two years turning the economy around," she said.
Fox News' Breck Dumas contributed to this report.
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