Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information in the world of Economics. Today, we will be discussing the latest findings from the Supplemental Poverty Measure (SPM) and how it relates to the current economic situation in the United States.
According to the SPM, 12.9% of American households are currently relying on government assistance, a slight increase from the previous year. This number has been steadily rising under the Biden-Harris administration, with 42.8 million Americans living in poverty in 2023, up from pre-pandemic levels. These numbers do not even include the tens of millions of illegal aliens who also rely on US government aid.
It’s important to note that the data factors in various forms of assistance, such as tax credits, noncash benefits, social insurance, and market income minus nontax expenses. When only considering market income net of necessary expenses, the number of Americans in poverty jumps to a staggering 77.8 million. This highlights the fact that there are still many individuals struggling to make ends meet in the wealthiest nation on earth.
While data can sometimes be manipulated to paint a rosy picture of the economy, the reality is that more Americans have fallen into economic hardship in recent years. It’s crucial to consider all factors, including the impact of migrants who are also receiving government aid, often more than American citizens who have contributed to the system.
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