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A revised formula for calculating medical costs and geographic variations show that approximately 47.4 million Americans last year lived in poverty, 7 million more than the government's official figure.
The disparity occurs because of differing formulas the Census Bureau and the National Academy of Science use for calculating the poverty rate. The NAS formula shows the poverty rate to be at 15.8 percent, or nearly 1 in 6 Americans, according to calculations released this week. That's higher than the 13.2 percent, or 39.8 million, figure made available recently under the original government formula.
High jobless rates could be the new normal
WASHINGTON - Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years. That could add up to a "new normal" of higher joblessness and lower standards of living for many Americans, some economists are suggesting.
The words "it's different this time" are always suspect. But economists and policy makers say the job-creating dynamics of previous recoveries can't be counted on now.
Wall Street 40% Bonus Rise Feeds Spending on $43 Steak, Co-ops
This year, Wall Street’s banks are set to pay near-record bonuses after the U.S. injected $700 billion into financial- services companies, guaranteed their debt and lowered the Federal Reserve’s benchmark interest rate to almost zero. The number of Wall Street competitors declined after Lehman Brothers Holdings Inc. collapsed, Bear Stearns Cos. was bought by JPMorgan Chase & Co. and Merrill Lynch & Co. was taken over by Bank of America Corp.
Originally posted by marg6043
reply to post by superrat
Sorry to burst you bubble and the "liberal" bashing but our city lost of jobs started on 2001 and if I remember we had a "conservative" president for the last 8 years with 6 of Republican held house.
So no everybody in this boards are uneducated on the matters of politics and economics.
Oh, I forgot we also fighting trillion dollars wars, hum, yes those were the last administration wars, the liberal president we have now is fighting trilling dollars deficits, yes. . . from the trillion dollar wars and the liberal Clinton globalization agenda.