In a previous post on Why Your GrandParents Made More Money Than You, I illustrated how we actually make less money than our grandparents. Some new statistics released from the Census Bureau help to back up this fact. Anyone who doesn’t believe that most Americans are poorer today than they were in the 90’s just needs to look at the following statistics:
– Poverty rates are at a 15 year high.
– 1 out of every 7 Americans is living in poverty.
– 43.6 million Americans are currently living in poverty.
– 14.3% of the population is living in poverty.
– Unemployment is at 9.6% nationwide.
– 25.3% of Hispanics live in poverty.
– 25.8% of African-Americans live in poverty.
– Median household income fell to $49,777.
*The 2009 poverty level was set at $21,954 for a family of four.
These numbers outline just how bad the financial crisis of the last few years has really affected this country. The economic policies of the past decade have not benefitted the majority of Americans. As you can see minorities have been disproportionately affected by the recession. All of the domestic jobs are going overseas to countries with cheap labor pools. Today I am going to unveil my thoughts on how to fix the United States economy.
