Dec
21

Poor and Getting Poorer

Census reports that 97.3 million Americans are now classified as low-income; earning between 100% and 199% of the poverty level. Together with the 49.1 million who are at or below the poverty level, these groups total 146.4 million Americans; 48% of the population. Inflation adjusted average earning for the bottom fifth of the population have fallen from $16,788 in ’79 to almost $15,000, while earnings for the next fifth are flat at $37,000. Grim.

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