15% of Americans Living in Poverty
Years after the Great Recession ended, 46.5 million Americans are still living in poverty, according to a Census Bureau report released Tuesday.
Meanwhile, median household income fell slightly to $51,017 a year in 2012, down from $51,100 in 2011 -- a change the Census Bureau does not consider statistically significant.
A CNNMoney panel discusses income inequality in America and the role of the financial system.
But taking a wider view reveals a larger problem: income has tumbled since the recession hit, and is still 8.3% below where it was in 2007.
"We've had [economic] growth, but it hasn't really reached everyday Americans," said Elise Gould, an economist at the left-leaning Economic Policy Institute. "It's a lost decade, maybe more."
This long-term decline in income is troubling to economists, especially as the middle and lower classes have fared considerably worse than the rich. Since 1967, Americans right in the middle of the income curve have seen their earnings rise 19%, while those in the top 5% have seen a 67% gain. Rising inequality is seldom a sign of good social stability.
Americans were the richest in 1999, when median household income was $56,080, adjusted for inflation.
Who is earning the most: Young people continued to struggle last year, with those under the age of 35 seeing slight drops in income while those 35 and made some gains.
Women made 77% of what men made, unchanged from the year before but up from 61% in 1960. Over one million men found full time work last year, as the economy recovered. Some have dubbed the most recent recession the "mancession," as large numbers of men have left the workforce.
Asians had the highest household income ($68,600), followed by whites ($57,000), Hispanics ($39,000) and blacks ($33,300).
How the poorest are faring: The recession also pushed many more people into poverty. In 2010, the poverty rate peaked at 15.1%, and has barely fallen since then. This is the first time the poverty rate has remained at or above 15% three years running since 1965.
Those making $23,492 a year for a family of four, or $11,720 for an individualwere considered to be living in poverty.
While the ranks of the poor are still elevated from the recession, overall poverty is remains far below the 22.4% it was at in 1959 when the Census first began tracking the data. Over the last 25 years, the poverty rate has averaged just over 13%.
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Sometimes I think we should rethink what constitutes poverty in the US. All of the people I know that are under the poverty line have two cars, cell phones for everyone in the family, and always seem to have cash on hand for their beer and smokes. Not to mention they look like they have been eating well enough to make it through the winter.
If you were to apply what is considered poverty in the rest of the world to the US population how would we fare? Seems to me like the real number would be in the low single digits.
My friend recently asked me ...
What is the unemployment rate amongst the Mexicans and other immigrants in this country. I think it was a fair question..
I see them all hustling....driving cabs, working construction ..running food trucks...etc. They see more opportunity than many home grown despite how messed our economy or society or whatever is.
Despite all the problems we have in US...i still believe that nothing can stop you from achieving success or your dream if you work hard and put your mind to it.
whether here leagally or not legally....
I'm sure it helps that we distribute hundreds of millions of dollars to 'help'.
"LOS ANGELES (CBSLA.com) — A projected $650 million in welfare benefits will be distributed to illegal alien parents in 2013, county officials said Monday.
that is just for LA county alone. Just one county. $650 million.
I think many more people are going to find out what welfare and food stamps are like.... over the next few years.
In before MP.net becomes conflicted not knowing whether to blame Obama for the economy or blame poor people for being lazy worthless bums.
How's that Hopey Changey thing workin'?
We should raise minimum wage to $50/hr so nobody will be poor.
Not Goat Roping
We could have a donation can at the local steam baths for beN....err I mean Florida man.
Bite my shiny metal ass!
Zune Free At Last
Why not both?
Originally Posted by [WDW]Megaraptor
Not Goat Roping
i detect some ****** tension here sherm
Not sure if serious
Originally Posted by XJ220
Not Goat Roping
I am not really serious and Bender I didn't mean to offend you. Damn. I thought there was some thicker skin....
Originally Posted by Coattail Rider
Originally Posted by shermbodius
was the word
you two should root
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