The U.S. Census Bureau released in December the latest five-year estimates from the American Community Survey, an ongoing nationwide demographic snapshot that collects social, economic, and housing characteristics from millions of households every year.
According to the latest data, the typical American household earned an average of $69,021 over the five years ending in 2021. While this latest figure represents a modest 6% increase over estimates from the five-year period ending in 2020, for most Americans, any increase in income has been wiped out by surging inflation.
Though the consumer price index has dipped since hitting a multi-decade high of 9.1% in June 2022, inflation remains at historic highs, and Americans across the country are feeling the pinch – particularly those on the lower end of the income spectrum, without the means to absorb…
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