Tags: US | Poverty | poor | economy

Bloomberg News: US Poverty Poised to Stay Near Two-Decade High

Wednesday, 03 Oct 2012 01:14 PM

Employment opportunities that remain elusive for some Americans and the potential for the fiscal cliff of automatic tax increases and government spending cuts next year may keep the U.S. poverty rate close to an almost two-decade high.

The percentage of Americans living below the poverty line was little changed last year at 15 percent, or 46.2 million people. The poverty line is defined by the U.S. Census Bureau as those living on less than $11,702 per year, or $23,021 for a family of four. Food-stamp use climbed to a record 46.7 million people in June, according to the Department of Agriculture.

“We have this sluggish recovery and we’re not really seeing robust job growth yet, so that narrows one avenue out of poverty,” said Elizabeth Kneebone, an associate fellow at the Brookings Institution in Washington.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

“At the same time we’re likely to see cuts in key programs that have helped ease the burdens of low-income families. With the fiscal cliff coming we know that there are going to be cuts and that there are going to be cuts in discretionary programs.”

Government spending on the Supplemental Nutrition Assistance Program rose by 2.8 percent to $6.21 billion in June from a year earlier, according to USDA figures.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

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Economy
Employment opportunities that remain elusive for some Americans and the potential for the fiscal cliff of automatic tax increases and government spending cuts next year may keep the U.S. poverty rate close to an almost two-decade high.
US,Poverty,poor,economy
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2012-14-03
Wednesday, 03 Oct 2012 01:14 PM
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