Going Broke Archives - Looking at today's world

Bidenomics Broke America: Real Household Income Suffers Biggest Drop In 12 Years.

The official tally is in and it is brutal: Americans suffered the biggest drop in household income in 2022 in a dozen years.

Real median household income was $74,580 in 2022, a drop of 2.3 percent from the prior year, the Census Bureau said Tuesday.

This is the biggest drop in household income since 2010, when it household income fell 2.6 percent. That means it is worse than the pandemic decline of 2.2 percent. It is the fourth worst year in records going back to 1985.

The declines were driven by high inflation. The measure of inflation that is used to calculate real income rose 7.8 percent, the worst inflation since 1981.

The real median earnings of all workers—including part-time and full-time workers—declined 2.2 percent between 2021 and 2022. Median earnings of those who worked full-time, year-round fell 1.3 percent in 2022.

The figures are even worse once taxes are figured into the equation. Real median post-tax household income in 2022 fell 8.8 percent in 2022.

Income inequality also got worse in 2022 once taxes are calculated. Pre-tax, income inequality—as measured by an gauge of income distribution called the Gini index—declined for the first time since 2007. After taxes, however, the index increased 3.2 percent. An increase in the Gini index signals increasing income inequality.

The official poverty rate in 2022 was 11.5 percent, with 37.9 million people in poverty. This was unchanged from the prior year.

So what happens when you go after Conservatives who are some of your biggest customers? Huge losses, layoffs, and major cutbacks. They thought they would go after one of the leading Presidential candidates and not suffer for it?

CNBC reported:

The moves come after Disney reported disappointing quarterly results. Shares of the company fell sharply Wednesday, hitting a new 52-week low, before rebounding later in the week.
McCarthy said during Disney’s earnings call Tuesday that the company was looking for ways to trim costs.
“We are actively evaluating our cost base currently, and we’re looking for meaningful efficiencies,” she said. “Some of those are going to provide some near-term savings, and others are going to drive longer-term structural benefits.”
Disney’s streaming services lost $1.47 billion last quarter, more than double the unit’s loss from a year prior. McCarthy said losses will improve in 2023, and Chapek has promised streaming will become profitable by the end of 2024.
Other large media and entertainment companies, including Warner Bros. Discovery and Netflix, have cut jobs this year as valuations have slumped. Disney hasn’t announced any plans to eliminate jobs.

Let this be a lesson to others who go Woke.

Pass it on.

Pass it on.