The coronavirus pandemic and rising cost of living have pushed nearly 70 million more people in developing Asia into extreme poverty, according to a report from the Asian Development Bank, which highlights the negative impact on poverty reduction efforts in the region.
The child poverty rate in 2022 has more than doubled compared to 2021, primarily due to the expiration of pandemic-era programs such as the child tax credit, which provided support for basic necessities and decreased financial hardships for families.
US household income fell by the most in over a decade in 2022, showing the impact of rising costs and the expiration of pandemic relief programs, with the median income dropping 2.3% and marking the third consecutive annual decline, contributing to concerns about the financial well-being of American families.
The lingering effects of the pandemic have led to a 2% decrease in household income in Minnesota, causing poverty rates to rise, with 9.6% of the population now living below the federal poverty threshold.
The Biden administration's economic policies, known as "Bidenomics," have led to inflation and a decrease in median household income, causing American families to lose ground economically. The media's focus on the poverty rate ignores the negative impact of government welfare programs and inflation on Americans' financial well-being.
Inflation in Argentina has caused poverty levels to rise, with 40.1% of Argentines living in poverty, and the country is heading towards its sixth recession in a decade, leading to increasing despair ahead of the upcoming election.
Lower income households and Black and Latino communities will face significant economic hardships due to the expiration of COVID-19 federal support programs, a potential government shutdown, the end of federal funding for childcare, and the resumption of student loan debt repayments.
Millions of families are at risk of losing child care as emergency funding allocated during the pandemic expires, putting thousands of child care centers in jeopardy and costing families an estimated $9 billion annually in lost earnings, prompting lawmakers to push for the extension of the Child Care Stabilization Act.
The rising cost of living in Ghana, fueled by inflation and economic crisis, is pushing more people into poverty and exacerbating inequality, with low-income households spending over half their earnings on food and informal workers receiving little support, despite being essential workers during the COVID-19 pandemic. The government's failure to implement sustainable reforms and its underinvestment in social protections have contributed to the worsening crisis.
The wealthiest Americans have seen their share of wealth and income increase during the pandemic, while the bottom 40% saw their slice of the pie shrink, despite initial expectations of narrowing the wealth gap.
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