.comment-link {margin-left:.6em;}

Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Friday, September 11, 2009

Poverty Rate Surged During 2008

povertyThe Commerce Department just released stats on poverty and health insurance coverage for 2008. As you might have guessed, the numbers for the wealthiest nation that has ever existed aren't pretty. Poverty rose last year, as did the number of Americans who don't have health insurance. Here's a clip from the U.S. Census Bureau report:

"...The U.S. Census Bureau announced today that real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started in December 2007.

The nation’s official poverty rate in 2008 was 13.2 percent, up from 12.5 percent in 2007. There were 39.8 million people in poverty in 2008, up from 37.3 million in 2007.

Meanwhile, the number of people without health insurance coverage rose from 45.7 million in 2007 to 46.3 million in 2008, while the percentage remained unchanged at 15.4 percent..."

And how does the Commerce Department define poverty? Here you go:

"...As defined by the Office of Management and Budget and updated for inflation using the Consumer Price Index, the weighted average poverty threshold for a family of four in 2008 was $22,025; for a family of three, $17,163; for a family of two, $14,051; and for unrelated individuals, $10,991..."

Labels: , ,


--> SITEMAP <--

Links to this post:

Create a Link

<< Home





FedPrimeRate.com
Entire website copyright © 2017 FedPrimeRate.comSM


This website is neither affiliated nor associated with The United States Federal Reserve in any way.
Information in this website is provided for educational purposes only. The owners of this website
make no warranties with respect to any and all content contained within this website. Consult a
financial professional before making important decisions related to any investment or loan
product, including, but not limited to, business loans, personal loans, education loans, first
or second mortgages, credit cards, car loans or any type of insurance.