Saturday, August 25, 2012

Number of Americans Living in Poverty Reaches All Time High

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The Associated Press reports that “the number of Americans with incomes at or below 125 percent of the federal poverty level – the income limit for qualifying for legal aid - is expected to reach an all-time high of 66 million this year. A family of four earning 125 percent of the federal poverty level makes about $28,800 a year, government figures show.”

And this chart, courtesy of the Wall Street blog Zero Hedge:

The takeaway: Americans are falling into poverty at a rapid rate, and have been for at least the past 8 years. As the rich get richer and the poor get poorer, inequality has risen to an all time high.

As Kulture Kritick previously reported, nowhere has the impact of the Great Recession been felt more than in the black community.

There have been two recessions in this country, a White Recession, which is in partial recovery, and a Black Recession, which is still in free fall.

For white men, unemployment reached its peak at 9.7 percent. It’s now at 6.9 percent.

And white female unemployment is at a stable 6.8 percent. It reached its zenith at 7.3 percent.

Compare that to black male unemployment which is still at a whopping 14.8 percent, and black female unemployment, which is currently at 11.5 percent. So it is a given that embedded in this poverty data is a disproportionate number of black men and women, who are still struggling in this Great Recession.

Of course no one talks about this, so it is doubtful that anyone in Congress or the White House will work to do anything about it. As usual, black folk are on their own in this country.

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