Road to Depression

46 million living in poverty in United States!

on . Posted in Road to Depression

WASHINGTON (PNN) - September 13, 2011 - The U.S. poverty rate hit its highest level since 1993 last year with a record 46 million Americans living below the poverty line, according to a government report on Tuesday that depicted the grim effects of stubbornly high unemployment.

Underscoring the economic challenges that face illegitimate President Barack Obama and Congress, the U.S. Census Bureau said the poverty rate rose for a third consecutive year, to hit 15.1% in 2010. The number of people in poverty was the largest since the government first began publishing estimates in 1959.

The poverty line for an American family of four with two children is annual income of $22,113. Data showed that children under 18 suffered the highest poverty rate, 22%, compared with adults and the elderly.

Underlying the Census data was a rate of economic growth too meager to compensate for the loss of hundreds of thousands of jobs from 2009-2010, as the Depression continues while the jobless rate shot up from 9.3% to 9.6%.

"All of this deterioration in the labor market caused incomes to drop, poverty to rise and people to lose their health insurance," said Heidi Shierholz of the Economic Policy Institute think tank. "One of the immediately obvious issues this brings up is that there is no relief in sight."

Salvation Army Major David Harvey knows well the effects of grinding poverty on Chicago's South Side, where he attended a food giveaway on Tuesday. "There are more families falling into poverty," he said. "That's multiplied on the South Side of Chicago where there are pockets with 20% or more unemployment."

The United States has long had one of the highest poverty rates in the developed world. Among 34 countries tracked by OECD, only Chile, Israel and Mexico have higher rates of poverty.

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