Home Members Tools Credit Cards
   

  • U.S. Poverty at 18-Year High

    The median household income fell in 2010, resulting in an increase in the percentage of people living in poverty for the third year in a row, the government reported on Tuesday.

    The U.S. Census Bureau said that last year’s median household income of $49,445 was 2.3 percent lower than it was in 2009, and 6.4 percent lower than it was in 2007 - the year before the last recession started.

    In 2010, the official U.S. poverty rate was 15.1 percent, up almost a percentage point from the year before and the highest its been in 18 years. The were 46.2 million people living in poverty last year - up from 43.6 million in 2009. This was fourth consecutive annual increase and the largest number in the 52 years the government has been keeping track of poverty estimates. But, also keep in mind our population is much higher now than it was back then - the poverty rate in 2010 was 7.3 percentage points lower than it was in 1959.

    Regionally, the median income fell in in the Midwest, South, and West but was little changed in the Northeast. The Northeast had the lowest poverty rate in the nation at 12.8 percent, and the South had the highest level at 16.9 percent. The South was the only region to show statistically significant increases in both the poverty rate and the number in poverty -- 16.9 percent and 19.1 million in 2010 - up from 15.7 percent and 17.6 million in 2009. In 2010, the poverty rates and the number in poverty for the Northeast, Midwest and the West were not statistically different from 2009.

    Not surprisingly, the percentage of people who went without health insurance highly correlated to income levels and the rate of poverty. Fifty million people were uninsured in 2010, accounting for 16.3 percent of the population. The slight increase in 2010 was not statistically different from the previous year.

    In 2010, the uninsured rates decreased as household income increased from 26.9 percent for those in households with annual incomes less than $25,000 to 8.0 percent in households with incomes of $75,000 or more.

    There was also quite a disparity between race groups, as well as between native-born and foreign-born residents. Hispanics had the highest uninsured rate of 31.6 percent, and 20.3 percent of blacks were uninsured. Non-Hispanic whites had the lowest uninsured rate of 11.5 percent and 16.5 percent of Asians were uninsured. Of natural-born U.S. citizens, 13.6 percent were uninsured. Among foreign-born residents, naturalized citizens had an uninsured rate of 18.4 percent while 45.1 percent of non-citizens went without health insurance.

    The report follows President Obama’s unveiling of a massive $447 billion “American Jobs Act” that he urges Congress to pass right away to boost employment and spur the economy. The unemployment rate has hovered around 9.1% since the beginning of 2010.


    Source:
    U.S. Census Bureau
    Comments 1 Comment
    1. HersheyJ's Avatar
      HersheyJ -
      Interesting! And at the same time, having this pity feeling for those people who overly strike inadequacy until now! However, I know that millions of people struggle to meet their most basic daily needs, leaving them extremely vulnerable to any kind of emergency. Children are often the first to feel the effects, being forced to go hungry or leave school to earn an income for their family. I have read recently the Record high for Latino children in poverty, report shows. The report examined data from the United States Census Bureau. It is the first time in the history of the records that the largest number of children in poverty was not white. The analysis indicates many possible reasons for the trend. There are several reasons why poverty really exists nowadays! You can check out that link for you to know and imagine how pity their situation and how huge Latino children’s population is.
  • Disclaimer

    Information in these articles is brought to you by Finance Globe. Banks, issuers, credit card, and other companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles and is further subject to our terms and conditions.
  • Recent Headlines and Articles

    ChrisB

    Second Semester Spending: How College Students can Save

    Once the holiday break comes to an end, college students all over the country will return to campus and hit the books once again. Not only does this mean more studying for most students, but it also means... read more
    ChrisB December 18th, 2014, 09:20 AM
    ChrisB

    Is 2015 the Time for a Career Change? Financial Impact

    With the new year a few weeks away, many people are beginning to set a variety of personal and career related goals. Is 2015 the time for you to make a career change? If this is on... read more
    ChrisB December 16th, 2014, 09:30 AM
    ChrisB

    Cheap Ways to Thank Employees this Holiday Season

    Regardless of your position, if you have employees who work for you it is important to say thanks during the holiday season. For some, this is easier said than done.

    While you want... read more
    ChrisB December 15th, 2014, 10:25 AM
    ChrisB

    Tips for Booking a Holiday Vacation

    While some people prefer to spend the holidays around home, others enjoy taking a vacation during this time of the year.

    If you are in the process of booking a last minute... read more
    ChrisB December 11th, 2014, 10:07 AM
    ChrisB

    Easy Ways to Save on your Electric Bill

    Do you cringe when your electric bill arrives in the mailbox or via email? Are you ready to make changes that will allow you to save money on this expense in the near future? If you... read more
    ChrisB December 10th, 2014, 09:51 AM
    ChrisB

    How to Save Money on Holiday Groceries

    With the holiday season in full swing, there is a good chance you will have a household of guests at some point in the near future. As you know, this means you will be spending quite a bit of... read more
    ChrisB December 8th, 2014, 10:47 AM
    ChrisB

    3 Times an Emergency Fund can Save you

    Starting an emergency fund is easier said than done. Even though you may have been putting this off for quite some time, nothing is stopping you from making a change in the future.... read more
    ChrisB December 4th, 2014, 10:05 AM
  • Recent Article Comments

    SAR1954

    Is 2015 the Time for a Career Change? Financial Impact

    This is a great article and exactly where I am at right now. I am starting a new job right before... Go to last post

    SAR1954 December 18th, 2014 09:26 AM

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.