THE SOLUTION TO POVERTY IS WEALTH:

The Biden presidency began on January 20, 2021, with hopes that aggressive relief around COVID-19 -- especially for middle-class families with kids -- and efforts to prop up the job market in areas like restaurants and retail would prevent a recession. Now, with virtually zero fanfare, two studies have shown that -- even in a time of rising inflation -- lower-income Americans arguably gained more last year than any time since LBJ's "War on Poverty" in the 1960s.

Researchers have discovered the combination of the booming job market and the impact of occasionally bipartisan federal relief that started under Donald Trump in 2020 and grew with 2021′s Biden-backed $1.9-trillion relief package have meant sweeping and unexpected economic gains for the Americans who'd been so often left behind during four decades of rising income inequality.

"This has been a success story for middle-class families," said Shaefer, whose UM center this month reported that lower-income Americans have on average 50% more money in the bank (even adjusted for inflation) than at the start of the pandemic and that 2021′s expanded Child Tax Credit brought a notable reduction in food insecurity. The number of Americans with bad credit scores is at the lowest in 16 years, possibly ever.

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