US Census 2024 shows the rich pulled ahead before Trump, and inequality is set to get worse
The top 10% gained an income boost, while households at the 10th and 50th percentiles saw little to no change from the previous year
Photo: Charles Edward Miller via Wikimedia Commons
Census data from the US reveals that in the year before Trump took office, the paychecks of most in the country flatlined while the wealthy pulled further ahead. Economists are warning that next year’s numbers could reveal even more staggering inequalities following a year of Trump.
On September 9, the US Census Bureau released data from 2024, revealing that median household income barely budged from 2023 to 2024, rising just USD 1,000, with any meaningful changes wiped out by inflation. On the other hand, the richest 10% of people in the US gained a 4.2% boost, while lower and middle-income households in the 10th and 50th percentiles of wealth saw no real progress.
Some economists are warning that while much of the data is reflective of the year before current President Trump came into office, the reality following almost a year into the current administration could be much worse. “Trump policies – chaotic and high tariffs, mass deportations, attacks on the federal workforce – have already led to a softening labor market and more inflationary pressures,” wrote Elise Gould, senior economist at the Economic Policy Institute.
“About 8% of people lacked any form of health insurance in 2024,” wrote EPI senior economist Ben Zipperer. “Unfortunately that rate will dramatically increase in the coming years, from 27 million to more than 40 million thanks to Republicans who cut Medicaid and ACA marketplace subsidies.”
The 2024 Census data also indicates larger trends in inequality, including a 3.3% decline in the median income of Black households, as well as men’s earnings increasing by 3.7% while women’s earnings stayed essentially the same.
