The U.S. Census Bureau reported on Tuesday that median income for U.S. households increased in 2023, returning to pre-pandemic levels. The agency said that the median income level is now at $80,610, up 4% from 2022 for the first increase since 2019.
The rise in income levels means that families have regained their purchasing power despite price increases due to inflation.
The announcement is another data point demonstrating the economic recovery that has taken place since the Biden/Harris administration took office in early 2021 and implemented its “Investing in America” agenda.
Vice President Kamala Harris has played a key role in the recovery from early in the administration. Harris provided the tiebreaking vote in the Senate for the American Rescue Plan, the economic stimulus package unanimously opposed by Republicans in Congress.
Harris also broke the logjam of Republican opposition to the Inflation Reduction Act with her Senate vote, leading to massive investments in green jobs while also cutting drug costs. Other legislation contributing to economic growth that received Harris’ support includes the infrastructure bill and the CHIPS and Science Act.
Ahead of her debate with Donald Trump, the household income improvement gives Harris another opportunity to contrast her economic record with the former president.
Under Trump, the national unemployment rate reached a peak of 14.8% in April 2020, as Trump promoted conspiracy theories about COVID-19 and feuded with states and municipalities begging for federal help as the virus took hold. Under Biden and Harris, the unemployment rate has gone from 6.4% in early 2021 to its current rate of 4.2%.
Harris will also be able to point to her shared jobs record. Trump lost over 3 million jobs on his watch, resulting in the worst record of any president in modern history. Under the Biden/Harris administration, more than 15 million jobs have been added and Harris has pledged to pursue similarly successful economic policies as part of her “New Way Forward” agenda.
Sign the petition: President Biden can make a HUGE impact during his final months
