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THE ECONOMY & YOU # (Daily Updated Videos & Articles)
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[quote:RoXY:MV8xNTc4NDI2XzMzNDUzNDA1X0M3Q0RCQjc3] [b]Gap Between Rich and Poor is Widening: The US Poverty Report and Obama’s “Economic Recovery”[/b] By Andre Damon and Barry Grey September 16, 2012 The poverty report released Wednesday by the US Census Bureau is another shattering refutation of the Obama Administration’s claims to be overseeing an economic “recovery” and working to improve the lives of ordinary Americans. The report revealed that the ranks of those classified by the government as poor remained at record highs in 2011, while the gap between rich and poor widened further. Some 46.2 million people remained below the official poverty line in 2011, the highest number in more than half a century. The 15.0 percent poverty rate, essentially unchanged from 2010, was the highest since 1983. The impact of poverty is particularly devastating for the young. One in five American children was poor in 2011. The poverty rate of young adults age 25-34 living with their parents, based on their own income alone, was 43.7 percent. All of these figures grossly underestimate the real level of poverty, since the government’s poverty threshold, set at an annual income of $23,021 for a family of four, is absurdly low. The Census data showed that median household income, adjusted for inflation, fell by 1.5 percent from the previous year. The figure was 8.1 percent lower than in 2007 and 8.9 percent lower than its peak in 1999. The income of the typical US family in 2011 fell for the fourth straight year and sank to levels last seen in 1995. [b]CONTINUE: http://www.globalresearch.ca/gap-between-rich-and-poor-is-widening-the-us-poverty-report-and-obamas-economic-recovery/[/b] [/quote]
Economic Armageddon and You
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