Question

Income alone does not give the full picture of standard of living. Why not?

Answer 1

the long term, the U.S. standard of living has improved. Still, there are some vital numbers to watch. After five years of the poverty rate going down in the U.S., it rose in 2020. The official U.S. poverty rate was 10.5% in 2019, but in 2020 it was up to 11.4%.