The Poverty Yo-Yo

Source: The American Prospect
by David Dayen

“If the guys from Men in Black wiped your memory clean with a neuralyzer and erased the years 2020 and 2021 (which wouldn’t be such a bad idea), you would have greeted yesterday’s release of the Census Bureau’s 2022 Income, Poverty and Health Insurance reports with mostly a shrug. The Supplemental Poverty Measure (which includes taxes and transfer payments and other factors, providing a more credible picture of a person’s financial picture) shows that poverty rose modestly from 2019 to 2022, from 11.8 percent to 12.4 percent. For children under 18, poverty actually fell slightly, from 12.6 percent to 12.4 percent. There is a problem among seniors, where poverty is rising, from 12.8 percent in 2019 to 14.1 percent in 2022. … if you have any memory of 2020 and 2021, the story becomes quite a bit more tragic.” (09/13/23)