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