The poverty rate increased in the US for the first time since 2010

Washington [US], September 13: According to new data from the US Census Bureau, the poverty rate in the country increased by 4.6 percentage points in 2022, marking the first increase since 2010.
The US Census Bureau said on September 12 that the poverty rate has increased from 7.8% in 2021 to 12.4% in 2022. The 4.6 percentage point increase is the largest year-on-year increase. since statistics were available, according to The New York Times . According to The Hill , this is the first time the poverty rate has increased in the US since 2010.
The child poverty rate more than doubled, from a record low of 5.2% in 2021 to 12.4% in 2022. The poverty rate also increased in two age groups: from 18 to 64 years of age and 65 years of age or older.
The increase in the poverty rate in the US follows two years of the largest decline in history, which was largely due to benefit programs created or expanded during the Covid-19 pandemic . But nearly all of those programs ended last year, leaving many families struggling with rising prices despite a strong job market and an improving economy.
US President Joe Biden attributed the sharp increase in the poverty rate last year to the end of the enhanced Child Tax Credit (CTC) program during the pandemic.
"Today's Census report shows the dire consequences of congressional Republicans' refusal to extend the enhanced CTC program, even as they push to cut corporate taxes huge," Mr. Biden said.
CTC is a benefit for families with children under 17 years old, based on their income and taxes paid. According to CNBC , the expanded version of this program makes it possible for eligible parents to receive up to $3,000 per child aged 6-17 and $3,600 per child under 6 in 2021 to cope. with the Covid-19 pandemic. The enhanced CTC program ended in December 2021.
The White House warned last week that the increase in poverty rates could continue if the US Congress does not take action to restore the enhanced CTC program.
Source: ThanhNien Newspaper