The reports cover two pandemic-ridden years, shedding light on the impact of COVID-19 on individual households and the larger U.S. economy.
"Real median household income was $70,784 in 2021," the Census Bureau said in its report on Income in the United States."This estimate is not statistically different from the 2020 estimate of $71,186 and 2.8% lower than the 2019 median, the year before the most recent recession."
While median household income has not grown, income inequality has increased, researchers found. Full-time working women continue to earn less than full-time working men, as the median woman earned $51,226 compared to the median man who earned $61,180. "Asian households had the highest median income in 2021, followed by non-Hispanic Whites and Hispanics ," the report reads."Black households had the lowest median income .
"Social Security continued to be the most important antipoverty program in 2021, moving 26.3 million people out of SPM poverty, a press release about the report said."Meanwhile, refundable tax credits and stimulus payments moved 9.6 million and 8.9 million people out of SPM poverty."
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