While obviously people in the strata of income discussed in this piece won't be coming to visit the website for investing tips or as potential mutual fund investors, anyone talking about the American economy should not be dismissing (or ignoring) what is happening in a great (and growing) part of the population.
- The U.S. poverty rate rose to the highest level in 11 years in 2008 and household incomes declined as the first full year of the recession took its toll, government data showed.
- The poverty rate climbed to 13.2 percent from 12.5 percent, and the number of people classified as poor jumped by 2.6 million to 39.8 million, according to a Census Bureau report released today.
- Real per capita income for the U.S. as a whole declined by 3.1 percent last year to $26,964, the report showed.
- The poverty threshold in 2008 was defined as $22,025 in income for a family of four.
- The rise in poverty is putting a strain on social services and charities. At the Atlanta Community Food Bank, demand in August was up by about 20 percent from a year earlier, said Bill Bolling, the founder and executive director.
- “There are a lot of people who have never needed help that need it now,” he said. “It is quite a different environment.”
[Jun 22, 2009: WSJ - Numbers on Welfare See Sharp Increase]
[Feb 20, 2009: NYT - Newly Poor Swell Lines @ Food Banks Nationwide]
[Nov 14, 2008: Wall Street Journal - A Run on (Food) Banks]