According to the just released Census Bureau annual report on Income and Poverty, in 2014 the official poverty rate was 14.8% as a result of a record 46.7 million Americans living in poverty. This is the fifth consecutive year since the end of the recession that the number of impoverished Americans has barely not budged. What recovery?…
The people living in extreme poverty, i.e. below 50% of the poverty minimum, also rose to an all time high of 20.8 million.
Of the 91 million Americans who were out of the labor force in 2014 and otherwise did not work, a record 24.2% or 22 million, lived in poverty.
But the most damning fact about the total failure of the US recovery, and one thing Obama will certainly not mention, is that the median real household income, after posting a modest increase in 2013 to $54,462, dropped once again, sliding 1.5% in 2014 to $53,657 and down from a high of $57,843 record in 1999.
This was nearly the same as the $53,306 median household income recorded in… 1989.
So all those talking about Japan’s lost three decades, perhaps it is time to mention America’s lost 25 years…
Full article: Record 46.7 Million Americans Live In Poverty; Household Income Back To 1989 Levels (Zero Hedge)