Chamath Palihapitiya Singles Out A Trend In US Census Data — Says 'US Incomes Have Fallen Every Year Of The Biden Presidency'

What Happened: Billionaire investor, Chamath Palihapitiya, pointed out concerning trends in the latest US Census data on Wednesday. The data reveals a decline in US incomes and a rise in the poverty rate during the presidency of Joe Biden. This was posted on X, formerly Twitter, by Palihapitiya, as he highlighted key statistics.

According to the Census data, the median income fell to $74,580 last year, with the 90th percentile dropping to $216,000 and the bottom 10th percentile at $17,100.

Interestingly, the income inequality, measured by the Gini index, decreased to 0.488, implying a narrow income disparity as the highest earners’ pay declined.

In a separate post, while responding to a comment, the SPAC King said that the wealth gap had actually shrank, according to the census figures.

See Also: What If America’s Economic Growth Data Is Fake? An Economist Considers The Evidence

Why It Matters: The investor has been vocal about economic concerns for some time. In a previous interview, Palihapitiya warned of a potential supply-side recession. He noted that the excess money in the system could destroy demand, triggering a recession and undermining asset values.

In June, however, Palihapitiya expressed a more optimistic outlook, predicting a “soft landing” for the US economy despite prevalent fears of a hard landing.

Palihapitiya has also been critical of the Federal Reserve’s recent interest rate hikes, arguing in an annual letter to investors that the hikes have negatively impacted the market. His latest comments on the Census data reiterate his concerns over the current economic climate.

Photo by Featureflash Photo Agency on Shutterstock

Read Next: Contemporary art has globally outperformed the S&P 500 between 1995 and 2022. These curated pieces could do even better and you can own their shares. Click here to check them out.


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Posted In: NewsEconomicsMediaChamathChamath PalihapitiyaInterest RatesJoe BidenSPAC KingUS Census
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