Although the Census Bureau has reported that 15 percent of Americans live in poverty, when assets and wages are factored in half of Americans are below or near poverty line. Alternet has compiled a list of five reasons poverty affects so many Americans.
1. Almost half of Americans had NO assets in 2009 - In 2009 47% of Americans had more debt than assets.
2. It’s Even Worse 3 Years Later - An OECD report states that “inequality has increased by more over the past three years to the end of 2010 than in the previous twelve,” with the U.S. experiencing one of the widest gaps among OECD countries.
3. Based on wage figures, half of Americans are in or near poverty - The highest wage in the bottom half of earners is about $34,000. To be eligible for food assistance, a family can earn up to about $30,000 for a family of four.
4. Based on household expense totals, poverty is creeping into the top half of America - After taxes and expenses, a family making $60,000 a year is left with nothing except debt.
5. Putting it in Perspective - While food support was being targeted for cuts, just 20 rich Americans made as much from their 2012 investments as the entire 2012 SNAP (food assistance) budget, which serves 47 million people.
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