Resolves according to the Distribution of Household Income in 2022 report by The Congressional Budget Office. Here's the 2021 report, see the Adjusted Income After Taxes and Transfers section of the supplemental data excel sheet for the statistic.
It increased by 90% in the 42 years the statistic has been collected total, increased 12% in 2020, and decreased 1% in 2021.
1,000
3.00The census releases its estimates several years earlier than the CBO, and these showed a 2.3% decline in 2022. These estimates can differ sometimes, but it would greatly surprise me if the CBO showed a growth in real income, given 2022 was a year with 6.5% YoY inflation. I'm not sure why this has been trading near 50%.
@SaviorofPlant I think it's because the Census Bureau doesn't include government support, which is always massive and was especially massive in 2022. I'm a NO holder, but I think it's still a tough question because of the Inflation Reduction Act. Consider that 2020 saw the largest increase in the history of this data set despite an even larger decrease in pre-tax/transfer incomes that year than in 2022 according to the Census Bureau.
@SoniaAlbrecht My apologies if that was unclear. I thought people would know because the statistics I included could only be referencing that measure and that is the complete statistic, but I will edit the description so the market is more accessible.
@SoniaAlbrecht I did not know that previously, but still fairly confident in NO because the census bureau & CBO estimates for the change in real income from 2020 -> 2021 were fairly similar, despite large government stimulus during that year.
Correct me if I'm wrong, but given that stimulus checks from the December 2020 reconciliation were going out in 2021 & CARES act extended unemployment lasted through September, one might expect government support to actually decrease from 2021 -> 2022 despite the IRA?