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Soaring Poverty Casts Spotlight on Lost Decade
Key Excerpts from Article on Website of New York Times
Posted: September 20th, 2011
http://www.nytimes.com/2011/09/14/us/14census.html
Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported [on Sep. 13], and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it. And in new signs of distress among the middle class, median household incomes fell last year to levels last seen in 1996. 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. This is truly a lost decade, Mr. Katz said. The bureaus findings were worse than many economists expected, and brought into sharp relief the toll the past decade including the painful declines of the financial crisis and recession had taken on Americans at the middle and lower parts of the income ladder. It is also fresh evidence that the disappointing economic recovery has done nothing for the countrys poorest citizens. The report said the percentage of Americans living below the poverty line last year, 15.1 percent, was the highest level since 1993. (The poverty line in 2010 for a family of four was $22,314.)
Note: For key reports from reliable sources on income inequality, click here.
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