🧵 1. Shocking increase: Child poverty in the U.S. more than doubled to 12.4% in 2022, up from 5.2% the previous year, as pandemic support ended. #finance
🧵 1. Shocking increase: Child poverty in the U.S. more than doubled to 12.4% in 2022, up from 5.2% the previous year, as pandemic support ended. #finance
🧵 2. Citing financial aid expiration, the Census Bureau links the surge to the end of expanded child tax credits and stimulus checks.
🧵 3. Families faced pressure from rising inflation too, with living costs soaring 7.8% in 2022. It was the largest annual increase since 1981, according to the Census Bureau.
🧵 4. Pandemic strides undone: Historic gains in fighting child poverty vanished as key benefits expired and inflation hit hard. Progress reset to pre-pandemic levels, says a Census official.
🧵 5. Not just child poverty: The overall poverty rate also rose nearly 5%, the first increase since 2010. Median income fell by 2.2% in 2022 compared to the previous year, according to the Census.
🧵 Read more at: https://www.cnbc.com/2023/09/12/child-poverty-surged-after-stimulus-checks-tax-credits-ended.html