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Showing Original Post only (View all)Overwhelming Evidence that Half of America is In or Near Poverty [View all]
http://www.alternet.org/economy/overwhelming-evidence-half-america-or-near-poverty***SNIP
1. The Official Poverty Threshold Should Be Much Higher
According to the Congressional Research Service (CRS), "The poverty line reflects a measure of economic need based on living standards that prevailed in the mid-1950s...It is not adjusted to reflect changes in needs associated with improved standards of living that have occurred over the decades since the measure was first developed. If the same basic methodology developed in the early 1960s was applied today, the poverty thresholds would be over three times higher than the current thresholds."
The original poverty measures were (and still are) based largely on the food costs of the 1950s. But while food costs have doubled since 1978, housing has more than tripled, medical expenses are six times higher, and college tuition is eleven times higher. The Bureau of Labor Statistics and the Census Bureau have calculated that food, housing, health care, child care, transportation, taxes, and other household expenditures consume nearly the entire median household income.
***SNIP
2. Almost Half of Americans Own, on Average, NOTHING
The bottom half of America own just 1.1% of the country's wealth, or about $793 billion, which is the same amount owned by the 30 richest Americans. ZERO wealth is owned by approximately the bottom 47 percent.
***SNIP
3. Half of Americans are "Poor" or "Low-Income"
This is based on the Census Department's Relative Poverty Measure (Table 4), which is "most commonly used in developed countries to measure poverty." The Economic Policy Institute uses the term "economically vulnerable." With this standard, 18 percent of Americans are below the poverty threshold and 32 percent are below twice the threshold, putting them in the low-income category.
***SNIP
4. It's Much Worse for Black Families
Incredibly, while America's total wealth has risen from $12 trillion to $77 trillion in 25 years, the median net worth for black households has GONE DOWN over approximately the same time, from $7,150 to $6,446, adjusted for inflation. State of Working America reports that almost half of black children under the age of six are living in poverty.
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Yes, GWB said in a speech that the American people, who voted him in for another term, gave
DhhD
Mar 2014
#16
So you blame the ignorant, possibly right wing (please cite #'s) poor for the problems of poverty
reddread
Mar 2014
#42
In general, more wealthy people vote Dem, but the hyper-wealthy lean slightly repub...
Demo_Chris
Mar 2014
#48
The Oligarchs, Corporations And Banks Own And Control The Politicians That Own And Control Us
cantbeserious
Mar 2014
#21
In Obama's lexicon there are no poor, only those 'Struggling to become middle class.'
Demo_Chris
Mar 2014
#49
I agree with all of that. It's similar to watching a train wreck in slow-motion,
LuvNewcastle
Mar 2014
#39
Those "poverty studies" in the 50s were brutal as well. Things like being able to afford a coat.
Spitfire of ATJ
Mar 2014
#68
I was f*cking amazed to discover that I am not considered "poverty level" by federal guidelines
JAbuchan08
Mar 2014
#73