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US Poverty Rate to Hit Highest Level Since 1965, Economists Say

tiredretired

The Old Salt
SUPER Site Supporter
US Poverty Rate to Hit Highest Level Since 1965, Economists Say
GlobalPost
| 23 Jul 2012 | 02:43 AM ET

Economists told the Associated Press they expect the official U.S. poverty rate to rise to its highest level since 1965 when 2011 figures are released.

Economists, academics and think tank staffers expect the official U.S. poverty rate to rise to its highest level since 1965 when the Census Bureau releases its figures for 2011, the Associated Press reported. The figures come out in November.

The liberal, nonpartisan and conservative experts the AP surveyed forecast the poverty rate would rise from 15.1 percent in 2010 to as high as 15.7 percent. If the rate only increases by one-tenth of a percentage point to 15.2 percent, it will tie 1983’s poverty rate, which was the highest poverty rate since 1965, according to the AP.

The highest poverty rate on record — 22.4 percent — was measured in 1959, the AP reported.

According to the AP:

The 2010 poverty level was $22,314 for a family of four, and $11,139 for an individual, based on an official government calculation that includes only cash income, before tax deductions. It excludes capital gains or accumulated wealth, such as home ownership, as well as noncash aid such as food stamps and tax credits, which were expanded substantially under President Barack Obama's stimulus package.

In January, a study from Indiana University predicted that the numbers of poor people in the U.S. would continue to rise, in part because old jobs are being replaced by new, lower-paying jobs and because states are cutting their welfare budgets, the Guardian reported.

"One of the big surprises is that poverty in the United States is likely to continue to increase even as the economic recovery unfolds," John Graham, one of the authors of the report, “At Risk: America's Poor During and After the Great Recession,” told the Guardian.

"The unique feature of the great recession is not just the high rate of unemployment, but the long duration of unemployment that millions of Americans have experienced. [For] a lot of these long-term unemployed, the job that they had won't exist when they go back in to the labour market."

After 3 1/2 years of Barry with the first two years having a super majority in Congress, this is all we have?
 

Kane

New member
All I can say is that I wish Romney could find his grove. With news like this, he should be up by 20 points.

BTW, did you know that for the first time in the history of the planet more people die from obesity than starvation? Interesting. No?
 

tiredretired

The Old Salt
SUPER Site Supporter
BTW, did you know that for the first time in the history of the planet more people die from obesity than starvation? Interesting. No?

Sure did. Even our poor people in this country are fat! What a country!! :w00t2:
 

nixon

Boned
GOLD Site Supporter
Okay, I'm going to float a conspiracy theory . The Dems want folks to be poorer . After all , who else would go for more socialism ,and government control ? Putting my tinfoil hat away now .
 

CityGirl

Silver Member
SUPER Site Supporter
Banquet pot pies and Ramen noodles! Whoohoo!

I believe some of the increases in poverty rates are a direct result of Federal Reserve's zero interest rate policy. A five year Certificate of Deposit now pays on average less than 1% a year. That has made it impossible for savers to save and the stock market is a booby trap.
 

300 H and H

Bronze Member
GOLD Site Supporter
It seems the cheapest food are fattening, think fast foods and other simply filling foods as well as drinks.

I agree fast foods are fattening, and poor folks are eating it. But I have to disagree with "cheap"...

I can take you to several small town restuants here that have much better food, and less expensive to boot. No it isn't all that fast, but the food is scratch made...(and they have fresh made pie!!!)

For me I find fast food just that, unless there is a line at the order desk..I use it when I feel the need. Cheap? No way.

BTW I am 6" 3" and 210 lbs, and am not "fat" by any means. Just a little ice cream belly....

Quantity or portion size relative to the amount of work/activities your doing is the key....

Regards, Kirk
 

Catavenger

New member
SUPER Site Supporter
It seems the cheapest food are fattening, think fast foods and other simply filling foods as well as drinks.
That's what I have always heard. The wealthy can eat steak the poor cheap bread, rice and beans (and as Citygirl mentioned ramen noodles.)
I agree the interest rates are to low. I know nothing about the stock market and really don't care to learn about it. I suspect that the majority of Americans feel the same way.
What does that leave us to do maybe spend money on junk made in China; I suppose that is supposed to "stimulate the economy?"
 

300 H and H

Bronze Member
GOLD Site Supporter
Banquet pot pies and Ramen noodles! Whoohoo!

I believe some of the increases in poverty rates are a direct result of Federal Reserve's zero interest rate policy. A five year Certificate of Deposit now pays on average less than 1% a year. That has made it impossible for savers to save and the stock market is a booby trap.

I couldn't agree with you more City Girl...:wink:

Lending is supposed to reflect the risks in making the loan. These low rates aren't even close to covering the risks in this climate. When we get back to say Banks paying 4-5% on savings then we'll know the rates are not being held under the FED's foot anymore...

The stock market is about to take a proverbial crap. I don't think it will last till election time before our Banksters share the bad news here about the games they have been playing in Europe, and European soverin debt. Bailouts are almost assured, if the european union collapses. They go down, and so will we...:glare:

Regards, Kirk
 

joec

New member
GOLD Site Supporter
I agree fast foods are fattening, and poor folks are eating it. But I have to disagree with "cheap"...

I can take you to several small town restuants here that have much better food, and less expensive to boot. No it isn't all that fast, but the food is scratch made...(and they have fresh made pie!!!)

For me I find fast food just that, unless there is a line at the order desk..I use it when I feel the need. Cheap? No way.

BTW I am 6" 3" and 210 lbs, and am not "fat" by any means. Just a little ice cream belly....

Quantity or portion size relative to the amount of work/activities your doing is the key....

Regards, Kirk

I don't doubt it Kirk however most of the new poor live in cities where good food (ala grocery store) have pulled out of creating food deserts. Now that is fact, I've seen it myself in some large cities I've been through over the last few years.

Oh and I'm 6' 2" tall and weight a whole 175 with the heaviest in my life just a year ago at 210. I eat good foods that I or my wife prepare with good products from both local growers and local stores. I haven't had a hamburger, chicken etc from a fast food joint in over 20 years and then rarely. The only place I might buy a sandwich from is from Subway when traveling. We also don't eat out but a couple of times a year though we do when we travel making a point to pick good local restaurants or good chains.
 
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