Child poverty more than doubled in U.S. after expanded tax credits, stimulus checks ended – By Spencer Kimball (CNBC) / Sept 12, 2023
- The child poverty rate surged to 12.4% in 2022, up from 5.2% in the year prior, according to the U.S. Census Bureau.
- The bureau attributed the increase in child poverty to the expiration of expanded child tax credits and the end of stimulus checks.
- The U.S. had made historic gains in fighting child poverty during the Covid-19 pandemic due in large part to the expanded tax credits.
Child poverty more than doubled in the U.S. last year after financial assistance that supported families during the earlier days of the Covid-19 pandemic expired, the U.S. Census Bureau said Tuesday.
The child poverty rate surged to 12.4% in 2022, up from 5.2% in the year prior, according to the bureau’s data. The Census Bureau attributed the increase to the expiration of expanded child tax credits and the end of stimulus checks that helped keep people afloat during the economic downturn caused by the Covid-19 pandemic.
As pandemic-era financial assistance fell by the wayside, families were also under significant pressure from inflation. The cost of living surged 7.8% from 2021 to 2022, the largest annual increase since 1981, according to the Census Bureau.
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