Poverty rate nears worst mark since '65

Discussion in 'Economy' started by Nova78, Jul 23, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Poverty rate nears worst mark since '65 - SFGate

    The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and a fraying government safety net.

    The official poverty rate will rise from 15.1 percent in 2010, climbing as high as 15.7 percent. Several predicted a more modest gain, but even a 0.1 percentage point increase would put poverty at the highest level since 1965.

    Poverty is spreading at record levels across many groups, from underemployed workers and suburban families to the poorest poor. More discouraged workers are giving up on the job market, leaving them vulnerable as unemployment aid begins to run out.'Deep problems'
    "The issues aren't just with public benefits. We have some deep problems in the economy," said Peter Edelman, director of the Georgetown Center on Poverty, Inequality and Public Policy.
    He pointed to the recent recession but also longer-term changes in the economy such as globalization, automation, outsourcing, immigration and less unionization that have pushed median household income lower. Even after strong economic growth in the 1990s, poverty never fell below a 1973 low of 11.1 percent. That low point came after President Lyndon Johnson's war on poverty, launched in 1964, that created Medicaid, Medicare and other social welfare programs.

    Good job Obama, but at least the private sector is "OK",keep on drinking his koolaid,hows that change thing working out for you $4042477862.gif
     
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  2. RoadVirus
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    RoadVirus <insert pithy title here>

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    More political ad material for the Romney campaign. That's not the kind of news Obama needs right now.
     
  3. GHook93
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    GHook93 Aristotle

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    (1) Highest Faux Unemployment since the Great Depression!
    (2) Highest TRUE unemployment since the Great Depression!
    (3) More Americans on Food Stamps per capita than any other time in history!
    (4) Record Foreclosure Rate!
    (5) Record Social Security Disability Rate!
    (6) And now highest poverty rate in the US!

    That is a pretty horrendous score card!
     

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