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That dip was due to Covid stimulus. Also, more than 1% of Americans live on less than $3 a day.
(hexbear.net)
The y-axes are wild, and wildly different. They can’t be compared one to one, even though the graphic does imply that.
Essentially China eliminated poverty from 80% to 0 in 30 years, while the US poverty rate is stable around 1%.