From Alternet: http://www.alternet.org/economy/real-numbers-half-america-poverty-and-its-creeping-toward-75-0
The Census Bureau has reported that one out of six Americans lives in poverty. A shocking figure. But it’s actually much, much worse.
By Paul Buchheit
May 26, 2013
The Census Bureau has reported that one out of six Americans lives in poverty. A shocking figure. But it’s actually much worse. Inequality is spreading like a shadowy disease through our country, infecting more and more households, and leaving a shrinking number of financially secure families to maintain the charade of prosperity.
1. Almost half of Americans had NO assets in 2009
Analysis of Economic Policy Institute data shows that Mitt Romney’s famous 47 percent, the alleged ‘takers,’ have taken nothing. Their debt exceeded their assets in 2009.
2. It’s Even Worse 3 Years Later
Since the recession, the disparities have continued to grow. An OECD report states that “inequality has increased by more over the past three years to the end of 2010 than in the previous twelve,” with the U.S. experiencing one of the widest gaps among OECD countries. The 30-year decline in wages has worsened since the recession, as low-wage jobs have replaced formerly secure middle-income positions.
3. Based on wage figures, over half of Americans are now IN poverty.
According to IRS data, the average household in the bottom 50% brings in about $18,000 per year. That’s less than the poverty line for a family of three ($19,000) or a family of four ($23,000).
Census income figures are about 25% higher, because they include unemployment compensation, workers’ compensation, Social Security, Supplemental Security Income, public assistance, veterans’ payments, and various other monetary sources. Based on this supplemental income, the average household in the bottom 50% brings in about $25,000, which is just above the $23,000 poverty line for a family of four.
Continue reading at: http://www.alternet.org/economy/real-numbers-half-america-poverty-and-its-creeping-toward-75-0
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