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Poverty in the US: The Rich get Richer

Contributed by nickel | August 30, 2005 09:22 PM PST

The gulf between the 'haves' and 'have nots' in the US is apparently growing... According to recent Census Bureau figures, the number of Americans living in poverty increased by 1.1 million to 37 million last year.

In other words, just under 13% of Americans now reside below the poverty line. This marks the fourth straight year in which the number of people living in poverty in the US has increased. For reference, a family of four is considered to be living in poverty if they make $19,157/year or less. For a family of two (no children) the threshold is $12,649. On top of this, median household income in the US was flat over the past year, and there are reports that as many as 70% of American workers feel that their standard of living is on the decline. In contrast, the average CEO payout increased 13% in 2004. [Source]mortgage calculator

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Comments
>>> frank Commented on August 31, 2005

Good that the fact that there is ever more poverty was written about, or was it? Isn't everybody financial sort of downplaying this horrible statistic? Aren't the numbers a little skewed? I read yesterday that the number who have fallen under the poverty line is up 12.9% since last year. How does this compute to a 1.1 million increase to 37 million. That would be less than 3%.


>>> nickel Commented on August 31, 2005

No, it's not up 12.9% in the past year. It's up a bit under 3% in the past year to a TOTAL of 12.9% of the US population (37 million out of about 290 million). But I must admit that I read it the same way that you did at first. It took me a minute to figure out what they really meant.
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