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Census Study: Poor still suffering from LAST recession

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posted on Jan, 22 2008 @ 07:13 PM
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Census Study: Poor still suffering from LAST recession


www.reuters.com

PHILADELPHIA (Reuters) - Many of the poorest people in the United States are still struggling to recover from the effects of a recession that ended six years ago, making them very vulnerable as the country stands on the brink of a new downturn.

In 2006, the latest year for which Census Bureau figures are available, 12.3 percent of Americans were living in poverty, compared with 11.7 percent in 2001, the year of the last recession.

"It's unusual in an economic recovery that ... we still have poverty higher than it was in the recession that preceded it," said Sharon Parrott, a policy analyst for the Center on Budget and Policy Priorities, a liberal think tank in Washington.

This shows the poor have largely missed out on the gains made when the economy was expanding, Parrott said. The recent expansion was "much stronger for the people at the top than for people at the bottom."

(visit the link for the full news article)




posted on Jan, 22 2008 @ 07:13 PM
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Sigh...I know I suffered during the previous recession, and this one that the media keeps pretending hasn't already begun seems MUCH worse. EVERYTHING is outpacing the average working American's income. People who are working average jobs (not executive-type positions) are now having to work TWO jobs just to make ends meet in my area.

The new middle class is the old poor class-there's not a whole lot of seperation between the two anymore...

www.reuters.com
(visit the link for the full news article)



posted on Jan, 22 2008 @ 07:18 PM
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It does seem that the lower class is the forgotten class in America today. And even the President's latest tax break, it if occurs, promises to be more effective for upper and middle income families. Makes you wonder just how bad it has to get before radical change occurs. And what that radical change might look like. Every now and then I watch Fight Club are a little tingle of satisfaction washes over me when the whole financial system crashes. [sigh]

Check out my blog: Esoterica in America



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