How the U.S. poverty rate is actually a sign of a booming economy

A whopping 12.4% of Americans lived in poverty in 2022 , according to the U.S. Census Bureau .

That's up from 7.8% in 2021 .

Year-over-year inflation rose 7.9% in August .

The Biden administration has long claimed that his policies are working and that his spending plans are working.