America’s poor are on track to break records, as it was revealed that U.S. poverty will reach the levels of the 1960s.
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Census figures for 2011 will be released this fall, which show that the poverty rate has climbed to levels unseen in nearly half a century amid a weak economy and fraying government safety net.
The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings, and found a broad consensus:
The official poverty rate will rise from 15.1 percent in 2010, climbing as high as 15.7 percent. Several predicted a more modest gain, but even a 0.1 percentage point increase would put poverty at the highest level since 1965.
As reported by the AP:
The analysts’ estimates suggest that some 47 million people in the U.S., or 1 in 6, were poor last year. An increase of one-tenth of a percentage point to 15.2 percent would tie the 1983 rate, the highest since 1965. The highest level on record was 22.4 percent in 1959, when the government began calculating poverty figures.
Poverty is closely tied to joblessness. While the unemployment rate improved from 9.6 percent in 2010 to 8.9 percent in 2011, the employment-population ratio remained largely unchanged, meaning many discouraged workers simply stopped looking for work. Food stamp rolls, another indicator of poverty, also grew.
Demographers also say:
—Poverty will remain above the pre-recession level of 12.5 percent for many more years. Several predicted that peak poverty levels — 15 percent to 16 percent — will last at least until 2014, due to expiring unemployment benefits, a jobless rate persistently above 6 percent and weak wage growth.
—Suburban poverty, already at a record level of 11.8 percent, will increase again in 2011.
—Part-time or underemployed workers, who saw a record 15 percent poverty in 2010, will rise to a new high.
—Poverty among people 65 and older will remain at historically low levels, buoyed by Social Security cash payments.
—Child poverty will increase from its 22 percent level in 2010.
Analysts also believe that the poorest poor, defined as those at 50 percent or less of the poverty level, will remain near its peak level of 6.7 percent.
With these latest findings, it’s evident that the economy will be a much talked about issue come election time.
SOURCE: AP
