What do you believe is the single most important factor driving up the cost of living in Nigeria?

The number of Americans living in poverty, according to the nation's official definition, fell slightly to about 36.8 million in 2023, the Census Bureau announced on Sept. 10, 2024. The data released also indicated that the poverty rate declined a little. However, an alternative way to measure poverty ticked up, as more people in the U.S. faced economic hardship.

What's the most significant news?

I think the most interesting aspect of this report is the different directions the two measures of poverty went in 2023. On one hand, the official poverty measure declined to 11.1% in 2023 from 11.5% in 2022. At the same time, the supplemental poverty measure, an alternative way to measure poverty introduced in 2011, increased to 12.9% in 2023 from 12.4% a year earlier.

The official poverty rate fell because overall household income rose modestly in 2023—even after taking inflation into account—according to other census data. However, like many poverty experts, I believe that the supplemental poverty measure is a better indicator of what's going on because it takes into account household expenses as well as tax credits and the effects of government programs on reducing poverty.

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