See multiple perspectives from Axios, Reuters, and Washington Examiner at AllSides.com.
The report is released every three years, with this report encompassing 2019-2022. This latest survey offers insight into how the COVID-19 pandemic impacted the average American household’s financial situation and the impact of COVID-era economic policies.The report states that between 2019 and 2022, real median family income “rose a relatively modest 3 percent, while real mean family income grew 15 percent.
Why it matters: The pandemic-era actions of the government prevented a spiral of declining asset values, depleted savings and higher household debt. But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
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