- Oct 12, 2009
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U.S. Poverty and a Shrinking Middle Class, by the Numbers - Yahoo! News
According the an Associated Press article from December 15, recent census data shows a shrinking middle class, with nearly half of all Americans poor or low-income. Here is a look at this portion of the U.S. population, by the numbers.
97.3 million Americans fall into the low-income category. Low-income is described as those earning between 100 and 199 percent of the poverty level. 146.4 million Americans had incomes below the poverty line.
About $45,000 a year for a family of four is what is needed to stay above the low-income threshold. Many families are slipping below that number, the Associated Press reports, because of pay cuts, a forced reduction of work hours or a spouse losing a job.
Precisely my point. media uses a standard from years ago and then shows a supposedly shocking statistic that more Americans are poor or a shrinking middle class. What has happened is middle class is still there intact. Their standard of living has shrunk. Due to reduced housing values, job loss and the like. That is a reflection of the economy contracting, not an shrinking middle class. Oh, it sounds like it is someone else's fault when you say it that way. As I mentioned in the first post, no savings and homes worth less than that's owed is poor financial management on the part of the middle class.