Poverty Rate Hits 11-Year High
In the midst of a recession last year, the nation's poverty rate rose to an 11-year high.
The rate jumped to 13.2 percent in 2008, up from 12.5 percent the year before. In other words, there were 39.8 million people living in poverty last year compared to 37.3 million in 2007, according to data released today by the Census Bureau.
The poverty rate is the highest since 1997.
The weighted average poverty threshold for a family of four in 2008 was $22,025; for a family of three, $17,163; for a family of two, $14,051; and for unrelated individuals, $10,991.
The Census Bureau also reports that the median household income fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. "This breaks a string of three years of annual income increases and coincides with the recession that started in December 2007," says the Bureau.
The rate jumped to 13.2 percent in 2008, up from 12.5 percent the year before. In other words, there were 39.8 million people living in poverty last year compared to 37.3 million in 2007, according to data released today by the Census Bureau.
The poverty rate is the highest since 1997.
The weighted average poverty threshold for a family of four in 2008 was $22,025; for a family of three, $17,163; for a family of two, $14,051; and for unrelated individuals, $10,991.
The Census Bureau also reports that the median household income fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. "This breaks a string of three years of annual income increases and coincides with the recession that started in December 2007," says the Bureau.
posted by Donna Kimura at 2:13 PM
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