Wednesday, September 18, 2013

New Poverty and Income Data

Poverty Stuck at 15 Percent, Record 46.5 Million

The nation's poverty rate remained stuck at 15 percent last year despite America's slowly reviving economy, a discouraging lack of improvement for the record 46.5 million poor.
More than 1 in 7 Americans were living in poverty, not statistically different from the 46.2 million of 2011 and the sixth straight year the rate had failed to improve, the Census Bureau reported Tuesday.
Other census findings:
—Poverty remained largely unchanged across race and ethnic groups. Blacks had the highest rate at 27.2 percent, compared to 25.6 percent for Hispanics and 11.7 percent for Asian-Americans. Whites had a rate of 9.7 percent.
—Child poverty stood at 21.8 percent.
—Poverty among people 65 and older was basically unchanged at 9.1 percent, after hitting a record low of 8.9 percent in 2009.

The Top 3 Things You Need to Know About the New Poverty and Income Data | Center for American Progress

As Congress prepares for yet another fiscal showdown, new data released today by the U.S. Census Bureau should be a wake-up call that it is time to move away from a wrong-headed austerity agenda and pivot to a focus on creating jobs, boosting wages, and investing in family economic security.
The new data on poverty and income show that despite economic growth, there was no statistically significant improvement in the poverty rate or median household income in 2012.
Behind these topline numbers are data that contain real warning signs for American families and the overall economy if Congress continues down its current path.
Here are three things you need to know about the new data and how they affect the budget and policy choices before us:
  1. Income inequality has widened since the end of the Great Recession.
  2. Our safety net is working overtime to compensate for rising income inequality and the proliferation of low-wage work.
  3. High poverty rates among young children of color have long-term implications for our economic competitiveness.

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