Thursday, December 15, 2011

Half of America is officially poor

The latest figures out of the US Census Bureau show that in addition to the 49.1 million Americans who fall below the official poverty line, those that rake in enough to be between that level and the income equitable to double it fall into a new “low-income” category, which counts an additional 97.3 million people. Altogether, that clump of nearly 150 million Americans living in dire economic standing accounts for around 48 percent of the US population.
American officials have deemed the current poverty line to be at around $22,000 for a family of four, but the new category just about doubles that figure to $45,000 and places those that fall between the numbers as low-income. The Associated Press reports that for families that fit in that range, often half of the household income is spent on child-care costs and housing bills."

America is still rich. It's just that the wealth has accumulated with the top 1%.  It took 30 years for us to get here, but hopefully it won't take that long to rebuild a middle class.

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