"White House Braces for Surge in Poverty Rate"
The White House is bracing for a significant increase in the U.S. poverty rate as the pandemic-era child tax credit (CTC) expansion comes to an end. The Census Bureau is set to release its annual report on poverty, income, and health insurance, and the Council of Economic Advisers (CEA) expects a sharp rise in the Supplemental Poverty Measure. The expanded CTC, which expired in December 2021, lifted millions of children out of poverty in 2021. Democrats argue that Congress should have extended the credit, while Republicans blame Biden for inflation. Biden's economic plan, "Bidenomics," has yet to gain widespread approval among Americans.
