President Barack Obama Message Board

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Politics : President Barack Obama

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To: tejek who wrote (117260)	7/23/2012 1:54:47 PM
From: John Vosilla	Read Replies (1) of 149317

U.S. Poverty About To Hit Highest Level In 40 Years The percentage of Americans living in poverty is about to hit its highest level since the 1960s, according to a new survey by the Associated Press. The latest Census numbers won't be released until the fall, but economists surveyed by the AP project that the poverty rate will climb from 2010's 15.1% and reach a level as high as 15.7%. This will mean that more Americans are poorer than at any time since 1965. The 2010 definition of "poverty" is annual income of just over $11,000 for an individual and $22,000 for a family of four. These figures will likely rise modestly this year. When the next income demographic of "near-poor" is included, a huge percentage of the country is now leaving below or close to the poverty line. This is a bummer for these folks, obviously. But it's also a big problem for other Americans and the economy as a whole. Right now, American corporations are earning the highest profits as a percentage of GDP that they have ever earned. Meanwhile, the same corporations are paying their employees the lowest wages as a percentage of GDP that they have ever paid. finance.yahoo.com

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