- FrontPage Magazine - http://www.frontpagemag.com -

US Poverty Level Highest in 47 Years

Posted By Daniel Greenfield On December 19, 2012 @ 11:51 am In The Point | 5 Comments

But don’t call it a depression. It’s a recovery. And if we “recover” any more, we’ll be Greece.

The poverty rate now approaches 50 million people and comprises 16 percent of the population. This is the highest these numbers have been since the 1960s. And the news isn’t getting any better.

Economists pointed to a telling statistic: It was the first time since the Great Depression that median household income, adjusted for inflation, had not risen over such a long period, said Lawrence Katz, an economics professor at Harvard.

The suburban poverty rate, at 11.8 percent, appears to be the highest since 1967, Mr. Sherman added. Last year more Americans fell into deep poverty, defined as less than half the official poverty line, or about $11,000, with the ranks of that group increasing to 20.5 million, or about 6.7 percent of the population.

The poverty rate is worse than it was under Bush or Carter. It didn’t even get this bad under Jimmy I.

Meanwhile jobless claims are up again.

The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000.


Article printed from FrontPage Magazine: http://www.frontpagemag.com

URL to article: http://www.frontpagemag.com/2012/dgreenfield/us-poverty-level-highest-in-47-years/

Copyright © 2009 FrontPage Magazine. All rights reserved.