In response to the U.S. Census Bureau’s release of new data on poverty and incomes in 2024, Rebecca Riddell, Oxfam America’s Economic Justice Senior Policy Lead, said:
“Today’s Census data affirms the shameful fact that the U.S. remains one of the most unequal rich countries in the world. The wealthiest among us continue to amass unthinkable fortunes, while millions of people live in poverty. Now, things will likely only get worse, with President Trump's agenda set to further impoverish families and inflame inequality.
"The U.S. failed to reduce poverty in 2024, and it remains well above pandemic levels. Income inequality increased slightly, with the gender earnings gap widening for the second year in a row. But instead of investing in programs proven to reduce poverty and inequality, President Trump and Republicans in Congress have done the exact opposite. They passed an unconscionable tax bill that slashes funding for Medicaid and food assistance while giving those in the top 0.1% of earners a $311,000 tax handout in just a single year.
“Poverty rates and inequality are already too high, but they would certainly be far higher if programs like Medicaid and food assistance were not in place. Unless policymakers reverse President Trump’s catastrophic cuts, we should expect increased poverty, hunger and sickness in the years to come, all while the ultra-rich only get richer.”
Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal. Join us at oxfamamerica.org.
/ENDS
Notes to editors:
According to the U.S. Census Bureau, in 2024, there were 43.7 million people in poverty (a poverty rate of 12.9%), and 9.7 million children living in poverty (a poverty rate of 13.4%). Post-tax income inequality measured by the Gini index was 0.446. The female-to-male earnings ratio for full-time, year-round workers was 80.9%.
All poverty rates refer to the Supplemental Poverty Measure (SPM), one of two poverty measures that the U.S. Census Bureau reports annually, which takes into account many of the government programs designed to assist low-income families, as well as certain taxes and tax credits. Inequality refers to post-tax inequality, which accounts for the impact of taxes liabilities and tax credits on income.
The Joint Committee on Taxation estimated that the “One Big Beautiful Bill Act” (OBBBA) will give top 0.1% of earners a combined tax break of $60.3 billion in 2027, roughly $311,000 per taxpayer.
The United States continuously has one of the highest poverty rates among OECD countries, including one of the highest child poverty rates.
According to the Congressional Budget Office, OBBBA cuts will deprive an estimated 10 million people of health insurance and 2.4 million of SNAP benefits.
In 2024, SNAP lifted 3.6 million people out of poverty. The Health Inclusive Poverty Measure developed by Census Bureau researchers showed that Medicaid lifted 15.3 million people out of poverty in 2023, the latest year available.